Amalgamated Bank Sells 23,523 Shares of Molson Coors Beverage (NYSE:TAP)

Amalgamated Bank lessened its position in Molson Coors Beverage (NYSE:TAP) by 40.5% during the third quarter, Holdings Channel reports. The fund owned 34,507 shares of the company’s stock after selling 23,523 shares during the period. Amalgamated Bank’s holdings in Molson Coors Beverage were worth $1,985,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of TAP. iA Global Asset Management Inc. raised its position in Molson Coors Beverage by 117.5% in the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after purchasing an additional 17,062 shares during the period. Wakefield Asset Management LLLP raised its position in Molson Coors Beverage by 124.5% during the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after purchasing an additional 29,552 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Molson Coors Beverage during the second quarter valued at approximately $3,842,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Molson Coors Beverage by 105.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 259,437 shares of the company’s stock worth $17,459,000 after buying an additional 132,893 shares during the period. Finally, Sei Investments Co. lifted its stake in shares of Molson Coors Beverage by 36.2% in the 1st quarter. Sei Investments Co. now owns 197,541 shares of the company’s stock valued at $13,285,000 after purchasing an additional 52,523 shares during the period. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TAP shares. Jefferies Financial Group lowered their price target on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research report on Thursday, July 18th. JPMorgan Chase & Co. boosted their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $52.00 to $74.00 in a report on Friday. Deutsche Bank Aktiengesellschaft upped their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, TD Cowen decreased their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $60.31.

Molson Coors Beverage Stock Up 1.6 %

NYSE TAP opened at $60.50 on Tuesday. The stock has a 50 day moving average price of $55.70 and a 200-day moving average price of $54.25. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.99. The company has a market capitalization of $12.53 billion, a P/E ratio of 13.63, a P/E/G ratio of 2.60 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the business earned $1.92 earnings per share. Molson Coors Beverage’s quarterly revenue was down 7.8% compared to the same quarter last year. As a group, equities analysts predict that Molson Coors Beverage will post 5.74 EPS for the current fiscal year.

About Molson Coors Beverage

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages.