Legacy Capital Group California Inc. Buys New Stake in Molson Coors Beverage (NYSE:TAP)

Legacy Capital Group California Inc. purchased a new stake in shares of Molson Coors Beverage (NYSE:TAP) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 12,445 shares of the company’s stock, valued at approximately $716,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Family Firm Inc. acquired a new stake in shares of Molson Coors Beverage during the 2nd quarter valued at about $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Molson Coors Beverage in the second quarter valued at approximately $27,000. Crewe Advisors LLC acquired a new position in shares of Molson Coors Beverage during the 1st quarter worth approximately $43,000. GPS Wealth Strategies Group LLC lifted its position 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 valued at $33,000 after buying an additional 294 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in Molson Coors Beverage by 153.7% in 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. Institutional investors and hedge funds own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

TAP has been the topic of several recent analyst reports. Jefferies Financial Group decreased their price objective on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a report on Thursday, July 18th. Wells Fargo & Company raised their price target on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upped their price objective 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. Citigroup lowered their target price on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a report on Wednesday, July 10th. Finally, Barclays increased their price target on Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and an average price target of $59.43.

Molson Coors Beverage Trading Up 0.1 %

Shares of NYSE:TAP opened at $56.10 on Friday. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The company’s 50 day moving average is $55.04 and its two-hundred day moving average is $55.11. The company has a market cap of $11.89 billion, a PE ratio of 11.22, a P/E/G ratio of 2.35 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46.

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