Molson Coors Beverage (NYSE:TAP) Upgraded at Citigroup

Molson Coors Beverage (NYSE:TAP) was upgraded by equities research analysts at Citigroup from a “sell” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The firm currently has a $57.00 target price on the stock, up from their previous target price of $47.00. Citigroup’s price target would indicate a potential upside of 7.69% from the company’s current price.

Several other research analysts have also commented on TAP. TD Cowen reduced their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Sunday. Bank of America upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the company from $57.00 to $70.00 in a report on Friday, December 6th. Barclays cut their price target on shares of Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating for the company in a report on Friday, January 17th. Finally, Hsbc Global Res cut Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $62.36.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $52.93 on Wednesday. The stock has a 50 day moving average of $57.51 and a two-hundred day moving average of $56.25. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The firm has a market cap of $10.90 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 2.52 and a beta of 0.85. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

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, topping analysts’ consensus estimates 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 firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the previous year, the company posted $1.92 earnings per share. The business’s revenue was down 7.8% on a year-over-year basis. On average, analysts expect that Molson Coors Beverage will post 5.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TAP. Illinois Municipal Retirement Fund boosted its stake in Molson Coors Beverage by 5.9% in the fourth quarter. Illinois Municipal Retirement Fund now owns 221,050 shares of the company’s stock valued at $12,671,000 after acquiring an additional 12,243 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Molson Coors Beverage by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after purchasing an additional 434,250 shares during the period. RWC Asset Management LLP grew its stake in Molson Coors Beverage by 17.8% during the 4th quarter. RWC Asset Management LLP now owns 747,184 shares of the company’s stock worth $42,829,000 after buying an additional 113,091 shares during the last quarter. Howard Capital Management Inc. acquired a new position in Molson Coors Beverage during the fourth quarter worth approximately $297,000. Finally, Fisher Funds Management LTD purchased a new stake in Molson Coors Beverage in the fourth quarter valued at approximately $4,604,000. 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.