OneDigital Investment Advisors LLC Lowers Holdings in Molson Coors Beverage (NYSE:TAP)

OneDigital Investment Advisors LLC lowered its holdings in Molson Coors Beverage (NYSE:TAP) by 2.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,677 shares of the company’s stock after selling 416 shares during the period. OneDigital Investment Advisors LLC’s holdings in Molson Coors Beverage were worth $844,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Capital International Investors grew its stake in shares of Molson Coors Beverage by 10.7% in the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after acquiring an additional 939,142 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Molson Coors Beverage by 66.5% during the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after purchasing an additional 2,155,842 shares during the period. Dimensional Fund Advisors LP increased its holdings in Molson Coors Beverage by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after purchasing an additional 434,685 shares during the period. River Road Asset Management LLC raised its position in Molson Coors Beverage by 1.8% in the 3rd quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock valued at $96,475,000 after purchasing an additional 29,315 shares in the last quarter. Finally, Ilex Capital Partners UK LLP purchased a new position in shares of Molson Coors Beverage in the 1st quarter valued at about $53,096,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TAP shares. Barclays raised their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. UBS Group increased their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. TD Cowen decreased their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. Finally, Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $52.00 to $74.00 in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and an average price target of $60.31.

Molson Coors Beverage Stock Down 1.7 %

TAP stock opened at $60.80 on Wednesday. The company has a market cap of $12.53 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. The company has a fifty day moving average price of $56.47 and a 200 day moving average price of $54.37. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping 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 the consensus estimate of $3.13 billion. During the same quarter in the prior year, the firm earned $1.92 earnings per share. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. Sell-side analysts expect that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Company Profile

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.