Wells Fargo & Company Upgrades Molson Coors Beverage (NYSE:TAP) to Overweight

Wells Fargo & Company upgraded shares of Molson Coors Beverage (NYSE:TAP) from an underweight rating to an overweight rating in a report issued on Friday, MarketBeat Ratings reports. The firm currently has $74.00 price target on the stock, up from their prior price target of $52.00.

TAP has been the topic of a number of other research reports. Barclays upped their price target on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. TD Cowen decreased their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Piper Sandler raised their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $60.31.

Molson Coors Beverage Price Performance

Shares of TAP stock opened at $60.50 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.75. The company has a market capitalization of $12.53 billion, a P/E ratio of 13.63, a P/E/G ratio of 2.60 and a beta of 0.82. The company’s 50-day simple moving average is $55.70 and its two-hundred day simple moving average is $54.25. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the company earned $1.92 EPS. The company’s revenue was down 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that Molson Coors Beverage will post 5.74 EPS for the current year.

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors have recently made changes to their positions in the stock. Capital International Investors grew its holdings in shares of Molson Coors Beverage by 10.7% in the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock valued at $651,849,000 after purchasing an additional 939,142 shares in the last quarter. Pacer Advisors Inc. raised its position in Molson Coors Beverage by 66.5% in the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after purchasing an additional 2,155,842 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Molson Coors Beverage by 20.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after buying an additional 434,685 shares during the period. River Road Asset Management LLC increased its stake in Molson Coors Beverage by 1.8% in the 3rd quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock valued at $96,475,000 after buying an additional 29,315 shares during the period. Finally, Ilex Capital Partners UK LLP acquired a new position in shares of Molson Coors Beverage during the 1st quarter worth $53,096,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages.