Growing Through Challenges? – Molson Coors Beverage Company (TAP)

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    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 28.93% to 22.07 million shares with purchase of 4.95 million shares. This fresh investment now brings its stake to 11.24% valued currently at $758.42 million. In addition, BlackRock Fund Advisors raised its holdings by 0.49 million to 9.71 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.40% or 0.22 million shares – to 9.58 million shares.

    With over 2.11 million Molson Coors Beverage Company (TAP) shares trading Tuesday and a closing price of $36.32 on the day, the dollar volume was approximately $76.73 million. The shares have shown a positive weekly performance of 1.31% and its price on 07/28/20 gained nearly 0.47%. Currently, there are 216.70M common shares owned by the public and among those 176.23M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for TAP have a consensus price objective of $43.74. The analysts have set the share’s price value over the next 12 months at a high of $59.00 and a low of $31.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Molson Coors Beverage Company stock is 2.90 for the next 12 months. The average price target is 18.01% above its last price level and an upside to the estimated low will see the stock lose -17.16% over that period. But an upside of 38.44% will see the stock hit the forecast high price target while mean target price for the stock is $43.00.

    The top 3 mutual fund holders in Molson Coors Beverage Company are Dodge & Cox Funds – Stock Fund, Vanguard Total Stock Market Index, and Vanguard Mid Cap Index Fund. Dodge & Cox Funds – Stock Fund owns 14.94 million shares of the company’s stock, all valued at over $513.47 million. The company bought an additional 0.6 million shares recently to bring their total holdings to about 7.61% of the shares outstanding. Vanguard Total Stock Market Index sold 67235.0 shares to see its total holdings shrink to 5.03 million shares valued at over $172.89 million and representing 2.56% of the shares outstanding. Vanguard Mid Cap Index Fund sold -0.24 million shares to bring its total holdings to over 4.37 million shares at a value of $150.25 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.23% of the shares outstanding.

    Shares of Molson Coors Beverage Company (NYSE: TAP) opened at $36.00, down -$0.15 from a prior closing price of $36.15. However, the script later closed the day at $36.32, up 0.47%. The company’s stock has a 5-day price change of 1.31% and -20.07% over the past three months. TAP shares are trading -32.62% year to date (YTD), with the 12-month market performance down to -35.73% lower. It has a 12-month low price of $33.18 and touched a high of $61.94 over the same period. Currently, 2.11 million shares have been traded, compared to an average intraday trading volume of 2.66 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 2.84%, -2.44%, and -22.23% respectively.

    Institutional ownership of Molson Coors Beverage Company (NYSE: TAP) shares accounts for 92.90% of the company’s 216.70M shares outstanding. Mutual fund holders own 5.20%, while other institutional holders and individual stakeholders account for 50.12% and 40.29% respectively.

    It has a market capitalization of $7.93B and a beta (3y monthly) value of 0.87. The earnings-per-share (ttm) stands at -$0.13. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.16% over the week and 3.03% over the month.

    Analysts forecast that Molson Coors Beverage Company (TAP) will achieve an EPS of $0.68 for the current quarter, $1.14 for the next quarter and $3.44 for 2021. The lowest estimate earnings-per-share for the quarter is $0.37 while analysts give the company a high EPS estimate of $1.21. Comparatively, EPS for the current quarter was $1.52 a year ago. Earnings per share for the fiscal year are expected to decrease by -78.40%, and 14.07% over the next financial year. EPS should grow at an annualized rate of -6.47% over the next five years, compared to -16.60% over the past 5-year period.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Molson Coors Beverage Company (TAP) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 8 of the 19 advise that investors “hold,” and 3 rated it as a “Sell.”

    Looking at the support for the TAP, a number of firms have released research notes about the stock. Bryan Garnier stated their Buy rating for the stock in a research note on July 15, 2020, with the firm’s price target at $49. Consumer Edge Research coverage for the Molson Coors Beverage Company (TAP) stock in a research note released on April 09, 2020 offered a Equal Weight rating with a price target of. Goldman was of a view on April 01, 2020 that the stock is Sell, while Jefferies gave the stock Hold rating on March 20, 2020, issuing a price target of $40. Guggenheim on their part issued Buy rating on March 20, 2020.

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