Molson Coors Beverage (NYSE:TAP) Upgraded by Citigroup to Neutral Rating

Molson Coors Beverage (NYSE:TAP) was upgraded by analysts at Citigroup from a “sell” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat reports. The firm currently has a $57.00 price target on the stock, up from their previous price target of $47.00. Citigroup’s price objective would suggest a potential upside of 7.69% from the company’s current price.

TAP has been the topic of several other research reports. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price target for the company from $52.00 to $74.00 in a research note on Friday, November 8th. JPMorgan Chase & Co. dropped their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. StockNews.com downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Sunday. BNP Paribas began coverage on Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price for the company. Finally, Needham & Company LLC began coverage on Molson Coors Beverage in a report on Friday, December 6th. They issued a “buy” rating and a $72.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and a consensus price target of $62.36.

Molson Coors Beverage Trading Down 0.9 %

TAP opened at $52.93 on Wednesday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The stock has a market cap of $10.90 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 2.52 and a beta of 0.85. The stock’s 50 day moving average price is $57.51 and its 200-day moving average price is $56.25.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The company had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. Molson Coors Beverage’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.92 EPS. On average, equities analysts forecast that Molson Coors Beverage will post 5.79 EPS for the current year.

Institutional Investors Weigh In On Molson Coors Beverage

A number of large investors have recently bought and sold shares of TAP. Thompson Siegel & Walmsley LLC purchased a new stake in Molson Coors Beverage in the 3rd quarter worth approximately $48,202,000. State Street Corp grew its position in Molson Coors Beverage by 8.4% during the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after buying an additional 681,757 shares during the period. Bank of New York Mellon Corp increased its holdings in Molson Coors Beverage by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after buying an additional 434,250 shares in the last quarter. Randolph Co Inc purchased a new position in Molson Coors Beverage in the third quarter valued at $21,754,000. Finally, Invenomic Capital Management LP raised its position in shares of Molson Coors Beverage by 131.1% in the third quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock worth $29,875,000 after acquiring an additional 294,596 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

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.