Cypress Capital Group Boosts Stock Position in Molson Coors Beverage (NYSE:TAP)


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Cypress Capital Group raised its stake in shares of Molson Coors Beverage (NYSE:TAP) by 20.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,209 shares of the company’s stock after acquiring an additional 3,327 shares during the period. Cypress Capital Group’s holdings in Molson Coors Beverage were worth $983,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. IFP Advisors Inc boosted its holdings in shares of Molson Coors Beverage by 33.4% during the fourth quarter. IFP Advisors Inc now owns 847 shares of the company’s stock worth $38,000 after purchasing an additional 212 shares during the last quarter. Hourglass Capital LLC boosted its holdings in shares of Molson Coors Beverage by 2.3% during the fourth quarter. Hourglass Capital LLC now owns 11,620 shares of the company’s stock worth $525,000 after purchasing an additional 260 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Molson Coors Beverage by 0.3% during the third quarter. Public Employees Retirement System of Ohio now owns 97,998 shares of the company’s stock worth $3,289,000 after purchasing an additional 336 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Molson Coors Beverage by 0.5% during the fourth quarter. Victory Capital Management Inc. now owns 80,720 shares of the company’s stock worth $3,648,000 after purchasing an additional 379 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Molson Coors Beverage by 3.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 10,495 shares of the company’s stock worth $474,000 after purchasing an additional 386 shares during the last quarter. 40.00% of the stock is owned by hedge funds and other institutional investors.

Shares of TAP opened at $52.94 on Friday. The company has a 50-day simple moving average of $48.80 and a 200-day simple moving average of $45.04. The firm has a market capitalization of $11.48 billion, a P/E ratio of 19.68, a P/E/G ratio of 3.27 and a beta of 1.14. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.46 and a current ratio of 0.61. Molson Coors Beverage has a 52 week low of $32.11 and a 52 week high of $56.10.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Wednesday, February 10th. The company reported $0.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by ($0.37). Molson Coors Beverage had a return on equity of 7.35% and a net margin of 4.86%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.41 billion. As a group, equities analysts forecast that Molson Coors Beverage will post 4.3 earnings per share for the current year.

In related news, Director James A. Winnefeld, Jr. purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 12th. The shares were bought at an average cost of $44.49 per share, with a total value of $44,490.00. Following the acquisition, the director now owns 7,442 shares of the company’s stock, valued at approximately $331,094.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Simon Cox sold 10,653 shares of Molson Coors Beverage stock in a transaction that occurred on Wednesday, February 24th. The shares were sold at an average price of $46.62, for a total transaction of $496,642.86. Following the sale, the chief executive officer now directly owns 52,091 shares in the company, valued at $2,428,482.42. The disclosure for this sale can be found here. 2.43% of the stock is currently owned by company insiders.

TAP has been the topic of several analyst reports. Jefferies Financial Group upgraded Molson Coors Beverage from a “hold” rating to a “buy” rating and raised their price objective for the stock from $36.00 to $57.00 in a report on Monday, January 4th. Morgan Stanley increased their target price on Molson Coors Beverage from $41.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 14th. TheStreet lowered Molson Coors Beverage from a “b-” rating to a “c” rating in a research report on Thursday, February 11th. Deutsche Bank Aktiengesellschaft lifted their price target on Molson Coors Beverage from $43.00 to $49.00 and gave the stock a “hold” rating in a research note on Thursday, February 4th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $43.00 price target (down from $45.00) on shares of Molson Coors Beverage in a research note on Thursday, March 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Molson Coors Beverage currently has an average rating of “Hold” and a consensus target price of $49.69.

About Molson Coors Beverage

Molson Coors Beverage Co is a holding company, which engages in the production and sale of beer. It operates through the following segments: North America and Europe. The North America segment operates in the U.S., Canada and various countries in the Caribbean, Latin, and South America. The Europe segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within the Middle East, Africa, and Asia Pacific.

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Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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