Molson Coors Beverage (NYSE:TAP) Upgraded by Bank of America to Buy Rating

Molson Coors Beverage (NYSE:TAP) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a report released on Friday, Marketbeat Ratings reports. The firm currently has a $70.00 price target on the stock, up from their prior price target of $57.00. Bank of America‘s price objective points to a potential upside of 14.51% from the stock’s previous close.

TAP has been the topic of a number of other reports. Barclays raised their price target on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. boosted their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a research note on Friday. They issued a “buy” rating and a $72.00 price objective on the stock. Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Finally, TD Cowen reduced 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 report on Tuesday, October 8th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Trading Up 0.3 %

Molson Coors Beverage stock opened at $61.13 on Friday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The business’s fifty day moving average is $58.05 and its 200 day moving average is $54.73. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The stock has a market capitalization of $12.59 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 2.39 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.92 earnings per share. On average, sell-side analysts predict that Molson Coors Beverage will post 5.78 EPS for the current year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of hedge funds and other institutional investors have recently modified their holdings of TAP. Family Firm Inc. purchased a new stake in Molson Coors Beverage in the 2nd quarter worth $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Molson Coors Beverage in the second quarter worth about $27,000. GPS Wealth Strategies Group LLC lifted its position in shares of Molson Coors Beverage by 83.8% in the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after buying an additional 294 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in Molson Coors Beverage during the 3rd quarter valued at approximately $35,000. Finally, Gladius Capital Management LP bought a new stake in Molson Coors Beverage in the 3rd quarter worth approximately $42,000. 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.