Molson Coors Beverage (NYSE:TAP) Raised to “Overweight” at Wells Fargo & Company

Molson Coors Beverage (NYSE:TAP) was upgraded by analysts at Wells Fargo & Company from an “underweight” rating to an “overweight” rating in a report issued on Friday, MarketBeat.com reports. The brokerage presently has a $74.00 target price on the stock, up from their prior target price of $52.00. Wells Fargo & Company‘s target price suggests a potential upside of 24.24% from the company’s previous close.

Several other research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Jefferies Financial Group dropped their price objective on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research note on Thursday, July 18th. UBS Group upped their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Piper Sandler raised their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Barclays upped their target price on Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $60.15.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP opened at $59.56 on Friday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The stock has a market capitalization of $12.34 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 2.47 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75. The company’s 50 day simple moving average is $55.57 and its 200 day simple moving average is $54.33.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.15. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the company posted $1.92 EPS. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, research analysts predict that Molson Coors Beverage will post 5.71 EPS for the current fiscal year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Family Firm Inc. bought a new stake in shares of Molson Coors Beverage during the 2nd quarter valued at about $26,000. Altshuler Shaham Ltd bought a new position in Molson Coors Beverage during the second quarter worth $27,000. Ashton Thomas Securities LLC bought a new position in Molson Coors Beverage during the third quarter worth $35,000. Crewe Advisors LLC bought a new stake in Molson Coors Beverage in the first quarter valued at $43,000. Finally, GPS Wealth Strategies Group LLC increased 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 in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

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.