Molson Coors Beverage Company $TAP Shares Sold by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC reduced its stake in Molson Coors Beverage Company by 51.9% in the second quarter, leaving it with 11,382 shares valued at $547,000.
• Equities analysts have lowered their price targets on Molson Coors Beverage, with Evercore ISI adjusting its target from $58.00 to $53.00 while retaining an "outperform" rating.
• Molson Coors reported quarterly earnings of $2.05 per share, exceeding estimates, with revenue of $3.20 billion, although down 1.6% compared to the previous year.

Janney Montgomery Scott LLC decreased its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 51.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,382 shares of the company's stock after selling 12,299 shares during the period. Janney Montgomery Scott LLC's holdings in Molson Coors Beverage were worth $547,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Golden State Wealth Management LLC lifted its position in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after acquiring an additional 290 shares in the last quarter. Millstone Evans Group LLC raised its stake in shares of Molson Coors Beverage by 151.8% during the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock valued at $26,000 after purchasing an additional 255 shares during the period. Elequin Capital LP purchased a new stake in shares of Molson Coors Beverage during the first quarter valued at approximately $30,000. Eastern Bank purchased a new stake in shares of Molson Coors Beverage during the first quarter valued at approximately $33,000. Finally, Geneos Wealth Management Inc. grew its holdings in Molson Coors Beverage by 32.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock valued at $49,000 after purchasing an additional 198 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Evercore ISI decreased their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. The Goldman Sachs Group cut their price target on Molson Coors Beverage from $67.00 to $57.00 and set a "buy" rating on the stock in a research note on Thursday, October 2nd. Wells Fargo & Company dropped their price objective on Molson Coors Beverage from $58.00 to $55.00 and set an "overweight" rating on the stock in a report on Thursday, September 25th. Sanford C. Bernstein dropped their price objective on Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a report on Wednesday, July 9th. Finally, Piper Sandler decreased their price target on shares of Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating for the company in a research report on Tuesday, September 30th. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $56.62.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $47.06 on Friday. The stock has a market capitalization of $9.30 billion, a PE ratio of 9.28, a price-to-earnings-growth ratio of 1.69 and a beta of 0.63. Molson Coors Beverage Company has a 12-month low of $43.80 and a 12-month high of $64.66. The business's fifty day moving average price is $48.40 and its 200 day moving average price is $51.78. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.67.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.22. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the firm earned $1.92 EPS. The company's revenue for the quarter was down 1.6% compared to the same quarter last year. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.540 EPS. Equities research analysts forecast that Molson Coors Beverage Company will post 6.35 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.

Want to see what other hedge funds are holding TAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Molson Coors Beverage Company (NYSE:TAP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.