Randolph Co Inc Acquires New Position in Molson Coors Beverage (NYSE:TAP)

Randolph Co Inc bought a new position in Molson Coors Beverage (NYSE:TAP) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 378,203 shares of the company’s stock, valued at approximately $21,754,000. Molson Coors Beverage comprises approximately 2.5% of Randolph Co Inc’s holdings, making the stock its 22nd largest holding. Randolph Co Inc owned approximately 0.18% of Molson Coors Beverage as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TAP. Pacer Advisors Inc. boosted its holdings in Molson Coors Beverage by 66.5% in the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after purchasing an additional 2,155,842 shares during the last quarter. Capital International Investors grew its holdings in shares of Molson Coors Beverage by 10.7% in the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after acquiring an additional 939,142 shares during the period. Ilex Capital Partners UK LLP purchased a new stake in Molson Coors Beverage during the first quarter valued at $53,096,000. Millennium Management LLC lifted its holdings in Molson Coors Beverage by 541.4% in the second quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after acquiring an additional 645,847 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Molson Coors Beverage by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after purchasing an additional 434,685 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Analyst Ratings Changes

TAP has been the subject of several research reports. JPMorgan Chase & Co. upped their price target on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. UBS Group lifted 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 note on Wednesday, August 7th. Jefferies Financial Group reduced their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research note on Thursday, July 18th. Finally, 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 research report on Wednesday, July 10th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $59.21.

Molson Coors Beverage Price Performance

TAP stock opened at $56.05 on Friday. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The firm has a market capitalization of $11.88 billion, a P/E ratio of 11.21, a price-to-earnings-growth ratio of 2.35 and a beta of 0.81. The company has a fifty day simple moving average of $54.72 and a two-hundred day simple moving average of $55.52. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping the consensus estimate 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 company had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same quarter last year, the business posted $1.78 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. Analysts anticipate that Molson Coors Beverage will post 5.74 earnings per share for the current fiscal 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.