Molson Coors Beverage (NYSE:TAP) Receives Average Recommendation of “Hold” from Brokerages

Shares of Molson Coors Beverage (NYSE:TAP) have been given a consensus rating of “Hold” by the thirteen research firms that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $60.31.

Several research firms have issued reports on TAP. Barclays raised their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Piper Sandler raised their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. UBS Group boosted their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, TD Cowen reduced their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th.

Hedge Funds Weigh In On Molson Coors Beverage

Several institutional investors have recently added to or reduced their stakes in TAP. iA Global Asset Management Inc. grew its position in shares of Molson Coors Beverage by 117.5% during the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after acquiring an additional 17,062 shares during the period. Wakefield Asset Management LLLP raised its stake in shares of Molson Coors Beverage by 124.5% in the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after buying an additional 29,552 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Molson Coors Beverage in the second quarter valued at $3,842,000. Bessemer Group Inc. lifted its position in shares of Molson Coors Beverage by 390.1% during the 1st quarter. Bessemer Group Inc. now owns 32,612 shares of the company’s stock valued at $2,193,000 after buying an additional 25,958 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Molson Coors Beverage by 28.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 310,700 shares of the company’s stock worth $20,895,000 after acquiring an additional 68,900 shares during the period. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Down 1.7 %

Shares of NYSE TAP opened at $60.80 on Wednesday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The firm has a market cap of $12.53 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. The company has a 50 day simple moving average of $56.47 and a 200 day simple moving average of $54.37.

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

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.