Dodge & Cox recently announced the acquisition of new stake in Molson Coors Beverage Company (NYSE:TAP). The institutional investor has increased its shareholding in the Consumer Defensive company by 3.81% to 28.12 million shares with purchase of 1.03 million shares. This fresh investment now brings its stake to 14.04% valued currently at $1.67 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.16 million to 21.05 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.91% or 77240.0 shares – to 8.59 million shares.
With over 2.11 million Molson Coors Beverage Company (TAP) shares trading Friday and a closing price of $62.61 on the day, the dollar volume was approximately $131.87 million. The shares have shown a positive half year performance of 20.15% and its price on 05/19/23 gained nearly 1.18%. Currently, there are 216.50M common shares owned by the public and among those 166.48M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 21 analysts who have offered their price forecasts for TAP have a consensus price objective of $63.19. The analysts have set the share’s price value over the next 12 months at a high of $75.00 and a low of $50.00. The average price target is -0.58% below its recent price level and a downside to the estimated low will see the stock lose -25.22% over that period. But an upside of 16.52% will see the stock hit the forecast high price target while median target price for the stock is $61.00.
Insiders at the company have transacted a total of 36 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 76,530 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 26,982 shares.
The top 3 mutual fund holders in Molson Coors Beverage Company are Dodge & Cox Stock Fund, Vanguard Total Stock Market ETF, and Vanguard 500 Index Fund. Dodge & Cox Stock Fund owns 19.07 million shares of the company’s stock, all valued at over $1.13 billion. The company bought an additional 0.87 million shares recently to bring their total holdings to about 9.52% of the shares outstanding. Vanguard Total Stock Market ETF bought 27697.0 shares to see its total holdings expand to 5.57 million shares valued at over $331.15 million and representing 2.78% of the shares outstanding. Vanguard 500 Index Fund bought 24165.0 shares to bring its total holdings to over 4.39 million shares at a value of $261.04 million. Vanguard 500 Index Fund now owns shares totaling to 2.19% of the shares outstanding.
Shares of Molson Coors Beverage Company (NYSE: TAP) opened at $62.06, up $0.18 from a prior closing price of $61.88. However, the script later moved the day high at 62.99, up 1.18%. The company’s stock has a 5-day price change of -2.55% and 20.36% over the past three months. TAP shares are trading 21.53% year to date (YTD), with the 12-month market performance up to 19.39% higher. It has a 12-month low price of $46.69 and touched a high of $66.67 over the same period. TAP has an average intraday trading volume of 2.09 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.50%, 10.60%, and 18.02% respectively.
Institutional ownership of Molson Coors Beverage Company (NYSE: TAP) shares accounts for 87.20% of the company’s 216.50M shares outstanding. Mutual fund holders own 5.24%, while other institutional holders and individual stakeholders account for 52.64% and 34.50% respectively.
It has a market capitalization of $12.56B and a beta (3y monthly) value of 0.86. The earnings-per-share (ttm) stands at -$1.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.95% over the week and 1.77% over the month.
Analysts forecast that Molson Coors Beverage Company (TAP) will achieve an EPS of $1.38 for the current quarter, $1.37 for the next quarter and $4.47 for 2024. The lowest estimate earnings-per-share for the quarter is $1.15 while analysts give the company a high EPS estimate of $1.56. Comparatively, EPS for the current quarter was $1.19 a year ago. Earnings per share for the fiscal year are expected to decrease by -117.50%, and 2.55% over the next financial year. EPS should grow at an annualized rate of 2.40% over the next five years, compared to -16.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 21 brokerage firm advisors rate Molson Coors Beverage Company (TAP) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 11 of the 21 advise that investors “hold,” and 3 rated it as a “Sell.”
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