VIRGINIA RETIREMENT SYSTEMS ET Al Takes $38.38 Million Position in Molson Coors Beverage Company $TAP

Key Points

• The Virginia Retirement Systems has taken a new position in Molson Coors Beverage Company, acquiring approximately $38.38 million worth of shares in the second quarter.
• Molson Coors reported $2.05 EPS for the last quarter, exceeding analyst expectations, while revenue was down 1.6% year-over-year.
• Several investment firms have lowered their price targets for Molson Coors shares, with the consensus rating currently being a "Hold" and a target price of $56.62.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 798,026 shares of the company's stock, valued at approximately $38,377,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.39% of Molson Coors Beverage at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. LSV Asset Management lifted its stake in Molson Coors Beverage by 1.4% during the first quarter. LSV Asset Management now owns 6,369,498 shares of the company's stock worth $387,711,000 after purchasing an additional 86,601 shares in the last quarter. Clarkston Capital Partners LLC grew its position in Molson Coors Beverage by 0.7% in the 1st quarter. Clarkston Capital Partners LLC now owns 4,553,212 shares of the company's stock valued at $277,154,000 after acquiring an additional 33,535 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Molson Coors Beverage by 20.0% during the first quarter. Dimensional Fund Advisors LP now owns 4,503,879 shares of the company's stock worth $274,144,000 after purchasing an additional 750,388 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Molson Coors Beverage by 16.8% in the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock valued at $251,442,000 after purchasing an additional 595,203 shares during the period. Finally, Deutsche Bank AG increased its stake in Molson Coors Beverage by 24.2% during the 1st quarter. Deutsche Bank AG now owns 2,797,189 shares of the company's stock worth $170,265,000 after buying an additional 544,353 shares during the period. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $47.43 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. The stock has a 50 day simple moving average of $48.34 and a 200-day simple moving average of $51.61. The company has a market cap of $9.38 billion, a price-to-earnings ratio of 9.36, a price-to-earnings-growth ratio of 1.73 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.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.83 by $0.22. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.12 billion. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The business's revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.92 EPS. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.540 EPS. On average, equities analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group lowered their price target on shares of Molson Coors Beverage from $67.00 to $57.00 and set a "buy" rating for the company in a report on Thursday, October 2nd. Morgan Stanley cut their price target on Molson Coors Beverage from $58.00 to $53.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Evercore ISI lowered their price objective on 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. UBS Group cut their target price on Molson Coors Beverage from $52.00 to $49.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lowered their price target on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Six research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $56.62.

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.

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