Molson Coors Beverage (NYSE:TAP) PT Raised to $61.00

Molson Coors Beverage (NYSE:TAP – Get Rating) had its target price boosted by research analysts at Citigroup from $58.00 to $61.00 in a research report issued to clients and investors on Friday, The Fly reports. Citigroup’s price target indicates a potential upside of 15.88% from the stock’s previous close.

TAP has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Molson Coors Beverage from $49.00 to $51.00 in a research note on Wednesday, April 27th. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Wednesday, February 23rd. StockNews.com began coverage on Molson Coors Beverage in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research upgraded Molson Coors Beverage from a “sell” rating to a “hold” rating and set a $57.00 price objective for the company in a research note on Thursday, April 28th. Finally, Morgan Stanley lifted their price objective on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “equal weight” rating in a research note on Thursday, February 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $56.00.

NYSE TAP opened at $52.64 on Friday. The company has a market cap of $11.42 billion, a P/E ratio of 10.66, a P/E/G ratio of 2.76 and a beta of 0.85. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.81 and a quick ratio of 0.54. The stock has a 50-day moving average of $52.97 and a two-hundred day moving average of $49.25. Molson Coors Beverage has a 1-year low of $42.46 and a 1-year high of $61.48.

Molson Coors Beverage (NYSE:TAP – Get Rating) last released its earnings results on Tuesday, May 3rd. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.10. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.14 billion. Molson Coors Beverage had a return on equity of 7.12% and a net margin of 8.36%. Molson Coors Beverage’s revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.01 EPS. On average, analysts anticipate that Molson Coors Beverage will post 4.01 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of TAP. Norges Bank purchased a new stake in Molson Coors Beverage in the fourth quarter valued at approximately $86,298,000. BlackRock Inc. lifted its stake in Molson Coors Beverage by 10.7% in the third quarter. BlackRock Inc. now owns 17,283,383 shares of the company’s stock valued at $801,603,000 after buying an additional 1,670,541 shares during the last quarter. Private Management Group Inc. purchased a new stake in Molson Coors Beverage in the third quarter valued at approximately $33,959,000. LSV Asset Management lifted its stake in Molson Coors Beverage by 9.4% in the fourth quarter. LSV Asset Management now owns 7,587,441 shares of the company’s stock valued at $351,678,000 after buying an additional 652,709 shares during the last quarter. Finally, Jupiter Asset Management Ltd. lifted its stake in Molson Coors Beverage by 155.4% in the third quarter. Jupiter Asset Management Ltd. now owns 939,867 shares of the company’s stock valued at $43,582,000 after buying an additional 571,867 shares during the last quarter. Institutional investors own 79.62% of the company’s stock.

About Molson Coors Beverage (Get Rating)

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, Middle East, Africa, and Asia Pacific. It offers flavored malt beverages, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020.

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