Molson Coors Beverage (NYSE:TAP) Price Target Raised to $40.00

Molson Coors Beverage (NYSE:TAP) had its price objective raised by Barclays from $36.00 to $40.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an underweight rating on the stock.

Several other equities analysts have also commented on the stock. JPMorgan Chase & Co. lowered shares of Molson Coors Beverage from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $41.00 to $37.00 in a research report on Monday. Weiss Ratings reissued a “sell (d)” rating on shares of Molson Coors Beverage in a research report on Monday, September 21st. BNP Paribas Exane dropped their target price on shares of Molson Coors Beverage from $34.00 to $33.00 and set an “underperform” rating on the stock in a research report on Friday, September 18th. Needham & Company LLC cut their price target on shares of Molson Coors Beverage from $50.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. Finally, Citigroup decreased their price target on shares of Molson Coors Beverage from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $42.41.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $39.58 on Monday. The stock has a fifty day moving average price of $38.91 and a 200-day moving average price of $42.16. The company has a current ratio of 0.86, a quick ratio of 0.60 and a debt-to-equity ratio of 0.54. Molson Coors Beverage has a 12 month low of $35.52 and a 12 month high of $54.82. The firm has a market cap of $8.29 billion, a PE ratio of 8.42 and a beta of 0.45.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, November 5th. The company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.02. Molson Coors Beverage had a return on equity of 8.92% and a net margin of 6.95%. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter last year, the company earned $1.67 earnings per share. The company’s quarterly revenue was down 1.6% on a year-over-year basis. Equities research analysts predict that Molson Coors Beverage will post 4.46 earnings per share for the current fiscal year.

Institutional Trading of Molson Coors Beverage

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Molson Coors Beverage by 10.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,363,157 shares of the company’s stock valued at $360,117,000 after purchasing an additional 790,314 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Molson Coors Beverage by 16.4% in the first quarter. Bank of New York Mellon Corp now owns 3,326,427 shares of the company’s stock worth $143,236,000 after purchasing an additional 469,607 shares during the last quarter. Nykredit A S purchased a new position in shares of Molson Coors Beverage in the second quarter worth about $58,423,000. Bank of America Corp DE lifted its holdings in shares of Molson Coors Beverage by 36.5% during the first quarter. Bank of America Corp DE now owns 1,187,921 shares of the company’s stock worth $51,152,000 after purchasing an additional 317,387 shares during the period. Finally, Squarepoint Ops LLC lifted its holdings in shares of Molson Coors Beverage by 8.1% during the second quarter. Squarepoint Ops LLC now owns 1,190,275 shares of the company’s stock worth $46,373,000 after purchasing an additional 89,398 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

About Molson Coors Beverage

Molson Coors Beverage Company is a global brewer and beverage company with roots in the 18th-century Molson brewery in Canada and the 19th-century Coors brewery in Colorado. The businesses combined in 2005, and the company is headquartered in Chicago and Montreal. Its portfolio includes beer brands such as Coors Light, Miller Lite, Molson Canadian, Coors Banquet and Blue Moon, as well as other alcoholic and nonalcoholic beverages. The company brews, markets and distributes its products through its own operations and partner arrangements.