StockNews.com Upgrades Molson Coors Beverage (NYSE:TAP) to “Buy”

Molson Coors Beverage (NYSE:TAP) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen lowered their price target 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. Bank of America raised 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. JPMorgan Chase & Co. upped their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $62.00.

Molson Coors Beverage Price Performance

Shares of TAP traded up $0.13 on Friday, hitting $61.07. The company’s stock had a trading volume of 1,297,198 shares, compared to its average volume of 1,904,661. The company has a market capitalization of $12.58 billion, a PE ratio of 13.75, a PEG ratio of 2.38 and a beta of 0.85. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The company has a 50 day moving average price of $58.53 and a 200 day moving average price of $54.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter last year, the company posted $1.92 EPS. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. On average, research analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TAP. Family Firm Inc. bought a new stake in shares of Molson Coors Beverage in the second quarter worth $26,000. Altshuler Shaham Ltd acquired a new stake in Molson Coors Beverage in the 2nd quarter valued at $27,000. Ashton Thomas Securities LLC bought a new stake in Molson Coors Beverage during the 3rd quarter worth about $35,000. Gladius Capital Management LP acquired a new position in shares of Molson Coors Beverage during the 3rd quarter worth about $42,000. Finally, True Wealth Design LLC bought a new position in shares of Molson Coors Beverage in the 3rd quarter valued at about $59,000. 78.46% of the stock is owned by institutional investors and hedge funds.

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.