Molson Coors Beverage (NYSE:TAP) Price Target Raised to $58.00

Molson Coors Beverage (NYSE:TAP) had its price objective raised by investment analysts at UBS Group from $55.00 to $58.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price target suggests a potential upside of 9.02% from the company’s current price.

A number of other research firms have also weighed in on TAP. Evercore ISI dropped their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Wells Fargo & Company upped their target price on Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday. Citigroup dropped their price target on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a report on Wednesday, July 10th. Jefferies Financial Group decreased their target price on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research report on Thursday, July 18th. Finally, TD Cowen downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $68.00 to $58.00 in a report on Wednesday. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.13.

Molson Coors Beverage Trading Down 1.3 %

NYSE TAP traded down $0.70 during trading hours on Wednesday, reaching $53.20. The company’s stock had a trading volume of 1,087,498 shares, compared to its average volume of 1,950,666. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The firm has a fifty day simple moving average of $51.82 and a 200-day simple moving average of $58.71. The stock has a market cap of $11.27 billion, a P/E ratio of 10.67, a P/E/G ratio of 2.26 and a beta of 0.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47.

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 net margin of 7.66% and a return on equity of 9.47%. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same quarter in the previous year, the business posted $1.78 EPS. Molson Coors Beverage’s quarterly revenue was down .4% on a year-over-year basis. Equities analysts forecast that Molson Coors Beverage will post 5.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Czech National Bank boosted its stake in Molson Coors Beverage by 0.5% during the first quarter. Czech National Bank now owns 32,580 shares of the company’s stock valued at $2,191,000 after buying an additional 149 shares during the period. Kestra Private Wealth Services LLC raised its stake in Molson Coors Beverage by 1.5% in the fourth quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company’s stock valued at $709,000 after purchasing an additional 174 shares in the last quarter. Venturi Wealth Management LLC lifted its position in Molson Coors Beverage by 46.6% during the first quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock valued at $39,000 after purchasing an additional 186 shares during the last quarter. Linden Thomas Advisory Services LLC grew its stake in Molson Coors Beverage by 1.8% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 11,607 shares of the company’s stock worth $710,000 after buying an additional 200 shares in the last quarter. Finally, Kentucky Retirement Systems increased its holdings in shares of Molson Coors Beverage by 1.5% in the 4th quarter. Kentucky Retirement Systems now owns 14,815 shares of the company’s stock worth $907,000 after buying an additional 221 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.