5 Best Whiskey and Alcohol Stocks To Buy in 2022

3. Molson Coors Beverage Company (NYSE:TAP)

Number of Hedge Fund Holders: 33

Molson Coors Beverage Company (NYSE:TAP) manufactures and sells beer and other malt beverage products in the Americas, Europe, Middle East, Africa, and the Asia Pacific. Molson Coors Beverage Company (NYSE:TAP) is gaining momentum and as of May 13, the stock has surged 13.66% over the past six months.

On May 3, Molson Coors Beverage Company (NYSE:TAP) reported market-beating earnings for the fiscal first quarter of 2022. The company’s earnings per share were valued at $0.29, beating EPS estimates by $0.10. The company’s revenues grew 16.66% year-over-year and came in at $2.21 billion, outperforming revenue estimates by $71.90 million.

Shortly after Molson Coors Beverage Company (NYSE:TAP) posted a profitable quarter, Citi analyst Wendy Nicholson raised her price target on the stock to $61 from $58 and reiterated a Buy rating on the shares.

Molson Coors Beverage Company (NYSE:TAP) is becoming an investor’s favorite. According to Insider Monkey’s database, 33 hedge funds were long Molson Coors Beverage Company (NYSE:TAP) at the end of Q4 2021. The stakes of these funds totaled 325.64 million, up from $236.76 million in the previous quarter with 29 positions.

As of the end of March 2022, Ariel Investments is the leading hedge fund having stakes in Molson Coors Beverage Company (NYSE:TAP). According to Insider Monkey, the fund’s stakes amounted to $40.41 million, which covers 0.35% its investment portfolio.