Invenomic Capital Management LP Grows Stake in Molson Coors Beverage (NYSE:TAP)

Invenomic Capital Management LP boosted its holdings in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 25.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 652,121 shares of the company's stock after acquiring an additional 132,744 shares during the quarter. Molson Coors Beverage accounts for about 1.8% of Invenomic Capital Management LP's portfolio, making the stock its 5th largest position. Invenomic Capital Management LP owned 0.32% of Molson Coors Beverage worth $37,380,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TAP. DoubleLine ETF Adviser LP increased its position in shares of Molson Coors Beverage by 1.7% during the fourth quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock valued at $590,000 after acquiring an additional 170 shares during the last quarter. Pallas Capital Advisors LLC raised its stake in shares of Molson Coors Beverage by 1.2% during the 4th quarter. Pallas Capital Advisors LLC now owns 17,017 shares of the company's stock worth $975,000 after purchasing an additional 199 shares during the period. Venturi Wealth Management LLC raised its stake in shares of Molson Coors Beverage by 7.4% during the 4th quarter. Venturi Wealth Management LLC now owns 2,935 shares of the company's stock worth $168,000 after purchasing an additional 202 shares during the period. Truvestments Capital LLC grew its position in Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after buying an additional 202 shares during the period. Finally, SRS Capital Advisors Inc. increased its holdings in Molson Coors Beverage by 38.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company's stock worth $42,000 after buying an additional 203 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TAP has been the subject of a number of research reports. Citigroup upgraded 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 research report on Wednesday, February 5th. JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. UBS Group decreased their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Needham & Company LLC cut their target price on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research note on Monday. Finally, Barclays decreased their price target on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Monday. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $62.71.

Molson Coors Beverage Trading Up 0.3%

Shares of TAP traded up $0.17 during mid-day trading on Wednesday, hitting $55.35. 3,284,463 shares of the company's stock traded hands, compared to its average volume of 2,108,007. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.21 billion, a P/E ratio of 10.35, a PEG ratio of 1.52 and a beta of 0.73. The business's 50-day moving average price is $58.81 and its 200-day moving average price is $58.39. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $64.66.

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

Molson Coors Beverage 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.