Molson Coors Beverage (NYSE:TAP) Price Target Raised to $51.00

Molson Coors Beverage (NYSE:TAP) had its price target increased by Barclays from $49.00 to $51.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, October 18th. UBS Group lifted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Jefferies Financial Group dropped their price target on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research note on Thursday, July 18th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, TD Cowen dropped their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $60.31.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock opened at $63.89 on Monday. The stock has a fifty day moving average price of $55.96 and a 200 day moving average price of $54.31. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The firm has a market capitalization of $13.24 billion, a P/E ratio of 14.39, a PEG ratio of 2.41 and a beta of 0.82. 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 (NYSE:TAP) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the company posted $1.92 EPS. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. Equities research analysts anticipate that Molson Coors Beverage will post 5.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC purchased a new position in Molson Coors Beverage in the 1st quarter valued at about $1,334,000. Oppenheimer & Co. Inc. lifted its stake in shares of Molson Coors Beverage by 4.5% in the first quarter. Oppenheimer & Co. Inc. now owns 10,673 shares of the company’s stock worth $718,000 after acquiring an additional 462 shares in the last quarter. Sei Investments Co. boosted its holdings in Molson Coors Beverage by 36.2% in the first quarter. Sei Investments Co. now owns 197,541 shares of the company’s stock valued at $13,285,000 after purchasing an additional 52,523 shares during the last quarter. QRG Capital Management Inc. grew its stake in Molson Coors Beverage by 888.3% during the 1st quarter. QRG Capital Management Inc. now owns 88,924 shares of the company’s stock valued at $5,980,000 after purchasing an additional 79,926 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Molson Coors Beverage by 5.4% during the 1st quarter. Russell Investments Group Ltd. now owns 432,245 shares of the company’s stock worth $29,069,000 after purchasing an additional 22,064 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

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.