JPMorgan Chase & Co. Increases Molson Coors Beverage (NYSE:TAP) Price Target to $60.00

Molson Coors Beverage (NYSE:TAP) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $57.00 to $60.00 in a report released on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 7.14% from the company’s current price.

TAP has been the topic of a number of other reports. UBS Group lifted their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Bank of America cut their price objective on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Citigroup cut their price objective on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. Jefferies Financial Group cut their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a research note on Thursday, July 18th. Finally, Wells Fargo & Company lifted their price objective on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and a consensus target price of $59.43.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $56.00 on Friday. The stock’s 50-day simple moving average is $54.78 and its 200 day simple moving average is $55.44. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The firm has a market capitalization of $11.86 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 2.35 and a beta of 0.81. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The firm had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. During the same period last year, the firm posted $1.78 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. On average, analysts anticipate that Molson Coors Beverage will post 5.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Molson Coors Beverage

Hedge funds and other institutional investors have recently modified their holdings of the company. Nordea Investment Management AB increased its holdings in shares of Molson Coors Beverage by 153.7% during the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after acquiring an additional 15,648 shares in the last quarter. iA Global Asset Management Inc. increased its holdings in shares of Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after acquiring an additional 17,062 shares in the last quarter. Wakefield Asset Management LLLP increased its holdings in shares of Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after acquiring an additional 29,552 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Molson Coors Beverage by 220.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after acquiring an additional 336,496 shares in the last quarter. Finally, Manning & Napier Advisors LLC bought a new stake in shares of Molson Coors Beverage during the second quarter valued at approximately $3,842,000. Institutional investors own 78.46% of the company’s stock.

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.