Meridian Investment Counsel Inc. Cuts Stake in Molson Coors Beverage (NYSE:TAP)

Meridian Investment Counsel Inc. lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 2.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,022 shares of the company’s stock after selling 1,315 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in Molson Coors Beverage were worth $2,590,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Family Firm Inc. bought a new stake in shares of Molson Coors Beverage during the second quarter valued at approximately $26,000. Altshuler Shaham Ltd bought a new stake in Molson Coors Beverage in the 2nd quarter valued at $27,000. GPS Wealth Strategies Group LLC lifted its stake in Molson Coors Beverage by 83.8% in 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 in the last quarter. Ashton Thomas Securities LLC purchased a new stake in Molson Coors Beverage in the 3rd quarter worth $35,000. Finally, Crewe Advisors LLC bought a new position in shares of Molson Coors Beverage during the 1st quarter valued at about $43,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. boosted 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. Deutsche Bank Aktiengesellschaft increased their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. 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. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price target for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, Piper Sandler lifted their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $60.31.

Molson Coors Beverage Price Performance

TAP stock opened at $62.42 on Friday. The stock has a market cap of $12.93 billion, a PE ratio of 14.06, a P/E/G ratio of 2.48 and a beta of 0.82. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The company has a 50-day moving average price of $56.23 and a 200 day moving average price of $54.36. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. Molson Coors Beverage’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period last year, the company earned $1.92 EPS. Equities research analysts anticipate that Molson Coors Beverage will post 5.77 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.