Molson Coors Beverage (NYSE:TAP) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC trimmed its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 5.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,350 shares of the company’s stock after selling 4,050 shares during the period. Highland Capital Management LLC’s holdings in Molson Coors Beverage were worth $4,219,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Family Firm Inc. acquired a new stake in shares of Molson Coors Beverage during the 2nd quarter valued at approximately $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Molson Coors Beverage in the second quarter valued at $27,000. GPS Wealth Strategies Group LLC boosted its stake in shares of Molson Coors Beverage by 83.8% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after purchasing an additional 294 shares during the last quarter. Crewe Advisors LLC purchased a new stake in shares of Molson Coors Beverage during the first quarter worth about $43,000. Finally, Quarry LP acquired a new position in shares of Molson Coors Beverage in the second quarter valued at approximately $54,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Down 0.6 %

NYSE:TAP opened at $55.77 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The stock has a 50 day moving average of $55.08 and a 200-day moving average of $55.04. The firm has a market capitalization of $11.82 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 2.35 and a beta of 0.81. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the prior year, the business earned $1.78 EPS. The firm’s revenue was down .4% on a year-over-year basis. Analysts predict that Molson Coors Beverage will post 5.74 EPS for the current year.

Analyst Ratings Changes

TAP has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. UBS Group upped their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler raised their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Barclays boosted their target price on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a research report on Thursday, August 8th. Finally, Jefferies Financial Group reduced their price target on 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 equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $59.43.

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.