5 Best Alcohol Stocks to Own According to Hedge Funds

3. Molson Coors Beverage Company (NYSE:TAP) 

Number of Hedge Fund Holders: 40

Molson Coors Beverage Company (NYSE:TAP) is a multinational beverage and brewing company that engages in the production, marketing, and sale of beer and malt beverage products across multiple regions including the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The Molson Coors Beverage Company (NYSE:TAP) experienced its best quarter of reported net sales revenue since the merger of Molson and Coors in 2005, the company announced on August 1st 2023.  

The Molson Coors Beverage Company (NYSE:TAP) grew the top and bottom line by double digits in the second quarter, and volume and share grew in the U.S., Canada and the U.K. Its results were bolstered by increased demand for its premium light brands in the U.S., as well as strong performances by its flavor and above premium options in North America and abroad. 

Compared to the second quarter last year, net sales grew by 12.1% to $3.26 billion on a constant currency basis. Underlying pre-tax net income rose 52.6% to $502.2 million, up from $328.1 million, while earnings per share, on a diluted basis, increased 49.6% to $1.78.