Molson Coors Beverage (NYSE:TAP) Raised to Buy at Bank of America

Molson Coors Beverage (NYSE:TAP) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Friday, Marketbeat.com reports. The firm currently has a $70.00 target price on the stock, up from their previous target price of $57.00. Bank of America‘s price target suggests a potential upside of 13.99% from the stock’s previous close.

Several other research analysts also recently commented on TAP. BNP Paribas started coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective for the company. TD Cowen dropped their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, October 8th. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. Needham & Company LLC initiated coverage on Molson Coors Beverage in a research report on Friday. They set a “buy” rating and a $72.00 target price for the company. Finally, Barclays boosted their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Trading Down 0.6 %

Shares of TAP stock opened at $61.41 on Friday. The stock has a fifty day simple moving average of $57.97 and a two-hundred day simple moving average of $54.69. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The firm has a market capitalization of $12.65 billion, a PE ratio of 13.83, a PEG ratio of 2.38 and a beta of 0.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter last year, the company earned $1.92 EPS. The firm’s quarterly revenue was down 7.8% on a year-over-year basis. On average, analysts predict that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Family Firm Inc. purchased a new stake in shares of Molson Coors Beverage during the second quarter valued at $26,000. Altshuler Shaham Ltd bought a new stake in Molson Coors Beverage during the 2nd quarter valued at about $27,000. GPS Wealth Strategies Group LLC boosted its position in Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after buying an additional 294 shares during the period. Ashton Thomas Securities LLC purchased a new stake in Molson Coors Beverage in the 3rd quarter valued at about $35,000. Finally, Gladius Capital Management LP bought a new position in Molson Coors Beverage in the 3rd quarter worth about $42,000. 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.