Clarkston Capital Partners LLC Sells 38,120 Shares of Molson Coors Beverage (NYSE:TAP)

Clarkston Capital Partners LLC trimmed its position in shares of Molson Coors Beverage (NYSE:TAP) by 0.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,629,717 shares of the company’s stock after selling 38,120 shares during the period. Molson Coors Beverage makes up about 4.9% of Clarkston Capital Partners LLC’s holdings, making the stock its 5th largest holding. Clarkston Capital Partners LLC’s holdings in Molson Coors Beverage were worth $266,301,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. iA Global Asset Management Inc. lifted its stake in Molson Coors Beverage by 117.5% in the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after acquiring an additional 17,062 shares during the last quarter. Wakefield Asset Management LLLP lifted its position in shares of Molson Coors Beverage by 124.5% during the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after purchasing an additional 29,552 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Molson Coors Beverage during the second quarter worth $3,842,000. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Molson Coors Beverage by 105.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 259,437 shares of the company’s stock valued at $17,459,000 after buying an additional 132,893 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in Molson Coors Beverage by 390.1% in the first quarter. Bessemer Group Inc. now owns 32,612 shares of the company’s stock valued at $2,193,000 after buying an additional 25,958 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TAP has been the subject of a number of research analyst reports. TD Cowen lowered their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a 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. Barclays boosted their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $52.00 to $74.00 in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus target price of $60.31.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $62.42 on Monday. The stock’s 50-day moving average price is $56.23 and its 200 day moving average price is $54.32. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The stock has a market capitalization of $12.93 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. The company has a quick ratio of 0.74, a current ratio of 0.99 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 for the quarter, topping the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion during 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 company’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period last year, the company earned $1.92 earnings per share. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.78 EPS 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.