Citigroup Upgrades Molson Coors Beverage (NYSE:TAP) to “Neutral”

Molson Coors Beverage (NYSE:TAP) was upgraded by stock analysts at Citigroup from a “sell” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat reports. The firm presently has a $57.00 price target on the stock, up from their prior price target of $47.00. Citigroup’s target price points to a potential upside of 5.04% from the stock’s current price.

A number of other research firms also recently weighed in on TAP. JPMorgan Chase & Co. cut their price target on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Hsbc Global Res downgraded shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. UBS Group dropped their target price on shares of Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. TD Cowen dropped their target price 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. Finally, Bank of America upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $70.00 in a report on Friday, December 6th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $62.36.

Molson Coors Beverage Stock Up 1.8 %

Molson Coors Beverage stock opened at $54.27 on Wednesday. The company has a market capitalization of $11.18 billion, a P/E ratio of 12.22, a P/E/G ratio of 2.52 and a beta of 0.85. The firm’s fifty day simple moving average is $57.21 and its 200-day simple moving average is $56.22. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. Molson Coors Beverage’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.92 EPS. Sell-side analysts forecast that Molson Coors Beverage will post 5.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of TAP. Thompson Siegel & Walmsley LLC acquired a new position in Molson Coors Beverage during the third quarter valued at approximately $48,202,000. State Street Corp grew its holdings in Molson Coors Beverage by 8.4% during the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after purchasing an additional 681,757 shares during the period. Raymond James Financial Inc. acquired a new position in Molson Coors Beverage during the fourth quarter valued at approximately $27,660,000. Bank of New York Mellon Corp grew its holdings in Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after purchasing an additional 434,250 shares during the period. Finally, Randolph Co Inc acquired a new position in Molson Coors Beverage during the third quarter valued at approximately $21,754,000. Institutional investors and hedge funds 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.