Needham & Company LLC Reaffirms “Buy” Rating for Molson Coors Beverage (NYSE:TAP)

Molson Coors Beverage (NYSE:TAP)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued on Monday,Benzinga reports. They currently have a $72.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 21.02% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. UBS Group upped their price target on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Citigroup raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and raised their target price for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Barclays decreased their price target on shares of Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Berenberg Bank started coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price objective on the stock. Finally, StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $64.39.

Molson Coors Beverage Stock Down 1.9 %

Shares of NYSE TAP opened at $59.49 on Monday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $65.24. The firm has a 50-day simple moving average of $59.72 and a two-hundred day simple moving average of $58.19. The company has a market cap of $12.05 billion, a P/E ratio of 11.12, a PEG ratio of 1.52 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. Research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Hedge Funds Weigh In On Molson Coors Beverage

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in Molson Coors Beverage by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock worth $245,308,000 after buying an additional 54,867 shares during the last quarter. Invesco Ltd. boosted its holdings in Molson Coors Beverage by 4.2% in the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company’s stock worth $217,200,000 after acquiring an additional 152,622 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Molson Coors Beverage by 12.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock worth $215,146,000 after acquiring an additional 422,515 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after acquiring an additional 434,250 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Molson Coors Beverage in the 4th quarter valued at approximately $142,407,000. 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.