Allspring Global Investments Holdings LLC Lowers Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Allspring Global Investments Holdings LLC reduced its position in Molson Coors Beverage (NYSE:TAP) by 22.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 406,810 shares of the company’s stock after selling 117,244 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.19% of Molson Coors Beverage worth $23,400,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Family Firm Inc. purchased a new position in Molson Coors Beverage in the 2nd quarter worth $26,000. Altshuler Shaham Ltd bought a new position in shares of Molson Coors Beverage during the second quarter valued at about $27,000. Crewe Advisors LLC purchased a new position in shares of Molson Coors Beverage in the first quarter worth about $43,000. GPS Wealth Strategies Group LLC lifted its stake in shares of Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after acquiring an additional 294 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Molson Coors Beverage by 153.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 982 shares of the company’s stock valued at $66,000 after acquiring an additional 595 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on TAP. TD Cowen decreased their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. UBS Group upped their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Bank of America dropped their price target on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Piper Sandler boosted their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group dropped their target price on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $59.43.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock opened at $56.10 on Friday. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The stock’s 50 day simple moving average is $55.04 and its two-hundred day simple moving average is $55.11. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. The stock has a market cap of $11.89 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 2.35 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.24. The company had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The firm’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $1.78 earnings per share. As a group, analysts expect that Molson Coors Beverage will post 5.74 earnings per share for the current fiscal year.

Molson Coors Beverage 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.