Molson Coors Beverage (NYSE:TAP) Rating Increased to Buy at StockNews.com

Molson Coors Beverage (NYSE:TAP) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other equities analysts have also weighed in on TAP. TD Cowen decreased their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. Barclays dropped their target price on Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating for the company in a report on Friday, January 17th. JPMorgan Chase & Co. upped their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Needham & Company LLC started coverage on Molson Coors Beverage in a research report on Friday, December 6th. They set a “buy” rating and a $72.00 price objective on the stock. Finally, Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $61.79.

Molson Coors Beverage Stock Up 2.2 %

Molson Coors Beverage stock opened at $55.23 on Friday. The firm’s fifty day moving average is $58.37 and its 200 day moving average is $56.05. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a market capitalization of $11.38 billion, a PE ratio of 12.44, a PEG ratio of 2.04 and a beta of 0.86. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating 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 analyst estimates of $3.13 billion. During the same quarter last year, the business posted $1.92 EPS. The company’s revenue for the quarter was down 7.8% on a year-over-year basis. As a group, sell-side analysts predict that Molson Coors Beverage will post 5.79 EPS for the current fiscal year.

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at approximately $48,202,000. State Street Corp raised its position in shares of Molson Coors Beverage by 8.4% during the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after acquiring an additional 681,757 shares in the last quarter. Millennium Management LLC raised its stake in Molson Coors Beverage by 541.4% during the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after acquiring an additional 645,847 shares in the last quarter. Randolph Co Inc purchased a new stake in Molson Coors Beverage in the third quarter valued at approximately $21,754,000. Finally, Invenomic Capital Management LP raised its position in Molson Coors Beverage by 131.1% in the 3rd quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock valued at $29,875,000 after purchasing an additional 294,596 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

About Molson Coors Beverage

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.