Ethic Inc. Buys 9,023 Shares of Molson Coors Beverage (NYSE:TAP)

Ethic Inc. raised its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 17.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 61,944 shares of the company's stock after acquiring an additional 9,023 shares during the period. Ethic Inc.'s holdings in Molson Coors Beverage were worth $3,551,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of TAP. Geode Capital Management LLC increased its position in shares of Molson Coors Beverage by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock valued at $245,308,000 after purchasing an additional 54,867 shares during the last quarter. Invesco Ltd. increased its position in shares of Molson Coors Beverage by 4.2% during the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after purchasing an additional 152,622 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Molson Coors Beverage by 12.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock valued at $215,146,000 after purchasing an additional 422,515 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Molson Coors Beverage by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company's stock valued at $202,661,000 after purchasing an additional 434,250 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Molson Coors Beverage during the 4th quarter valued at about $142,407,000. Institutional investors own 78.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Citigroup raised shares of Molson Coors Beverage from a "sell" rating to a "neutral" rating and increased their target price for the stock from $47.00 to $57.00 in a report on Wednesday, February 5th. Morgan Stanley reduced their target price on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Barclays reduced their target price on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a report on Monday. JPMorgan Chase & Co. reduced their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. Finally, Needham & Company LLC reduced their target price on shares of Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a report on Monday. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $62.71.

Molson Coors Beverage Price Performance

Shares of NYSE TAP traded up $0.22 during midday trading on Friday, reaching $56.49. 946,670 shares of the stock traded hands, compared to its average volume of 2,107,561. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. The stock has a market capitalization of $11.44 billion, a PE ratio of 10.56, a P/E/G ratio of 1.52 and a beta of 0.73. Molson Coors Beverage has a one year low of $49.19 and a one year high of $64.66. The company's 50 day moving average is $58.68 and its 200 day moving average is $58.39.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The firm's revenue was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.95 earnings per share. On average, equities research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current 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.