JPMorgan Chase & Co. Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $58.00

Molson Coors Beverage (NYSE:TAP) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $59.00 to $58.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 5.92% from the stock’s current price.

Other analysts have also recently issued reports about the stock. TD Cowen lowered their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price for the company. Needham & Company LLC assumed coverage on Molson Coors Beverage in a report on Friday, December 6th. They set a “buy” rating and a $72.00 price objective for the company. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, Barclays reduced their target price on Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.64.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $54.76 on Thursday. The firm has a market cap of $11.28 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 2.09 and a beta of 0.86. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $57.82 and its 200 day moving average is $56.20.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business’s revenue was down 7.8% compared to the same quarter last year. During the same period last year, the business posted $1.92 EPS. On average, sell-side analysts anticipate that Molson Coors Beverage will post 5.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of TAP. Ashton Thomas Securities LLC acquired a new position in shares of Molson Coors Beverage in the third quarter worth about $35,000. Gladius Capital Management LP acquired a new stake in Molson Coors Beverage in the third quarter valued at approximately $42,000. Catalyst Capital Advisors LLC grew its holdings in Molson Coors Beverage by 143.6% in the fourth quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock valued at $42,000 after purchasing an additional 428 shares during the period. Quarry LP purchased a new stake in shares of Molson Coors Beverage in the second quarter valued at approximately $54,000. Finally, True Wealth Design LLC acquired a new position in shares of Molson Coors Beverage during the 3rd quarter worth approximately $59,000. 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.