Meeder Asset Management Inc. Buys New Shares in Molson Coors Beverage (NYSE:TAP)

Meeder Asset Management Inc. purchased a new position in shares of Molson Coors Beverage (NYSE:TAP) in the third quarter, HoldingsChannel reports. The fund purchased 49,641 shares of the company’s stock, valued at approximately $2,855,000.

Several other large investors have also added to or reduced their stakes in TAP. Farther Finance Advisors LLC lifted its holdings in shares of Molson Coors Beverage by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 1,720 shares of the company’s stock worth $99,000 after purchasing an additional 182 shares during the period. Perpetual Ltd raised its position in Molson Coors Beverage by 1.0% during the 3rd quarter. Perpetual Ltd now owns 20,543 shares of the company’s stock worth $1,182,000 after buying an additional 197 shares during the last quarter. SkyView Investment Advisors LLC lifted its stake in Molson Coors Beverage by 1.8% during the 2nd quarter. SkyView Investment Advisors LLC now owns 15,102 shares of the company’s stock valued at $768,000 after acquiring an additional 274 shares during the period. Private Advisor Group LLC boosted its holdings in shares of Molson Coors Beverage by 0.9% in the 3rd quarter. Private Advisor Group LLC now owns 32,080 shares of the company’s stock valued at $1,845,000 after acquiring an additional 277 shares during the last quarter. Finally, Focus Financial Network Inc. boosted its holdings in shares of Molson Coors Beverage by 7.0% in the 3rd quarter. Focus Financial Network Inc. now owns 4,276 shares of the company’s stock valued at $246,000 after acquiring an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

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

Molson Coors Beverage Stock Down 0.8 %

Molson Coors Beverage stock opened at $61.89 on Tuesday. The stock has a market cap of $12.75 billion, a PE ratio of 13.94, a P/E/G ratio of 2.42 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The stock’s fifty day moving average is $56.35 and its two-hundred day moving average is $54.35. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.92 EPS. On average, sell-side analysts expect that Molson Coors Beverage will post 5.78 EPS 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.