Connor Clark & Lunn Investment Management Ltd. Buys 199,650 Shares of Molson Coors Beverage Company $TAP

Connor Clark & Lunn Investment Management Ltd. lifted its position in Molson Coors Beverage Company (NYSE:TAP) by 581.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 233,994 shares of the company’s stock after acquiring an additional 199,650 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Molson Coors Beverage were worth $11,253,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Molson Coors Beverage by 6.6% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 325,992 shares of the company’s stock worth $15,677,000 after acquiring an additional 20,106 shares in the last quarter. Aviva PLC increased its position in Molson Coors Beverage by 7.7% in the second quarter. Aviva PLC now owns 685,780 shares of the company’s stock worth $32,979,000 after purchasing an additional 49,072 shares during the last quarter. Summit Investment Advisors Inc. increased its position in Molson Coors Beverage by 1.6% in the first quarter. Summit Investment Advisors Inc. now owns 49,067 shares of the company’s stock worth $2,987,000 after purchasing an additional 751 shares during the last quarter. Penserra Capital Management LLC raised its stake in Molson Coors Beverage by 1.7% during the second quarter. Penserra Capital Management LLC now owns 15,699 shares of the company’s stock valued at $754,000 after purchasing an additional 257 shares in the last quarter. Finally, Twin Capital Management Inc. lifted its position in Molson Coors Beverage by 2.9% during the second quarter. Twin Capital Management Inc. now owns 25,510 shares of the company’s stock valued at $1,227,000 after purchasing an additional 719 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Insider Activity at Molson Coors Beverage

In other news, Director David S. Coors purchased 2,245 shares of the firm’s stock in a transaction on Wednesday, November 5th. The stock was acquired at an average cost of $44.47 per share, with a total value of $99,835.15. Following the completion of the transaction, the director owned 30,586 shares in the company, valued at $1,360,159.42. This represents a 7.92% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.71% of the company’s stock.

Molson Coors Beverage Stock Performance

TAP stock opened at $47.16 on Wednesday. Molson Coors Beverage Company has a 1-year low of $42.94 and a 1-year high of $64.66. The business has a 50-day moving average price of $46.34 and a 200 day moving average price of $49.80. The company has a market capitalization of $9.32 billion, a P/E ratio of 9.30, a PEG ratio of 1.60 and a beta of 0.65. 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) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $1.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.05). The company had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3.02 billion. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.360 EPS. As a group, equities research analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on TAP shares. Wells Fargo & Company dropped their price target on Molson Coors Beverage from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Piper Sandler cut their target price on Molson Coors Beverage from $53.00 to $52.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 30th. Citigroup decreased their price target on Molson Coors Beverage from $51.00 to $49.00 and set a “neutral” rating on the stock in a report on Thursday, October 9th. Evercore ISI dropped their price objective on shares of Molson Coors Beverage from $53.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. Finally, Jefferies Financial Group reduced their target price on shares of Molson Coors Beverage from $51.00 to $48.00 and set a “hold” rating on the stock in a research note on Tuesday, November 4th. Six equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $54.56.

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.