10 Best Alcohol Stocks To Own According to Hedge Funds

3. Molson Coors Beverage Company (NYSE:TAP)

Number of Hedge Fund Holders: 34

Coming in at number 3 in our list of the Top Alcohol Stocks in 2024 is the Molson Coors Beverage Company (NYSE:TAP), a multinational beverage and brewing giant with a diverse portfolio that includes a variety of beer brands, spirits, and non-alcoholic beverages spread across the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

The company produces a wide selection of beers in multiple price categories, going from core brands like Coors Light and Miller Light, premium brands like Madri and Blue Moon, right down to economy brands like Miller Higher Life, Keystone, and Icehouse. However, with beer being its core business and the US being its primary market, TAP also stands to lose quite a bit if the current trends toward spirits continue.

The net income of Molson Coors Beverage Company (NYSE:TAP) rose by around 24.7% in Q2 of 2024, driven by favorable prices and US shipment timing. Over the last year, the company has also greatly benefited from the boycott against Bud Light, one of the largest competitors of its core brands in the American market. However, analysts at Citi stated in April that gains by Molson Coors due to the Bud Light upset are coming to an end. It must also be kept in mind that Molson Coors Beverage Company (NYSE:TAP) has consistently increased its revenue over the last 4 years, from $9.65 billion in 2020 to $11.7 billion in 2023, while the Bud Light controversy only happened last year. Knowing the risks it faces in the current beer market landscape, the company is actively investing in its spirits portfolio and even acquired the cult favorite high-end Bourbon and rye whiskey brand, Blue Run Spirits, last year.