Molson Coors Beverage (NYSE:TAP) Price Target Cut to $61.00 by Analysts at Barclays

Molson Coors Beverage (NYSE:TAP) had its target price reduced by investment analysts at Barclays from $62.00 to $61.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 0.74% from the company’s current price.

TAP has been the subject of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Friday, February 21st. UBS Group lifted their target price on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Morgan Stanley upped their price target on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Finally, Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $57.00 to $70.00 in a research note on Friday, December 6th. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Molson Coors Beverage presently has an average rating of “Hold” and an average price target of $63.60.

Molson Coors Beverage Price Performance

Shares of TAP stock opened at $60.55 on Thursday. The firm’s 50-day moving average is $57.88 and its two-hundred day moving average is $57.61. The company has a market capitalization of $12.27 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.71 billion. Analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors have recently modified their holdings of TAP. Truvestments Capital LLC increased its stake in Molson Coors Beverage by 51.4% in the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock valued at $34,000 after purchasing an additional 202 shares during the period. CoreCap Advisors LLC increased its position in Molson Coors Beverage by 10,716.7% in the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock valued at $37,000 after acquiring an additional 643 shares during the period. Quarry LP raised its stake in Molson Coors Beverage by 55.1% during the 4th quarter. Quarry LP now owns 715 shares of the company’s stock valued at $41,000 after acquiring an additional 254 shares during the last quarter. Catalyst Capital Advisors LLC lifted its position in Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock worth $42,000 after acquiring an additional 428 shares during the period. Finally, SRS Capital Advisors Inc. raised its stake in shares of Molson Coors Beverage by 38.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after purchasing an additional 203 shares during the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

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.