TD Cowen Upgrades Molson Coors Beverage (NYSE:TAP) to Hold

Molson Coors Beverage (NYSE:TAP) was upgraded by stock analysts at TD Cowen to a “hold” rating in a research note issued on Friday,Zacks.com reports.

Several other research analysts have also recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Molson Coors Beverage from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, April 27th. UBS Group cut their price target on shares of Molson Coors Beverage from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. BNP Paribas Exane reduced their price objective on shares of Molson Coors Beverage from $36.00 to $35.00 and set an “underperform” rating for the company in a research note on Wednesday, June 3rd. Jefferies Financial Group decreased their price objective on Molson Coors Beverage from $43.00 to $41.00 in a report on Friday, June 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $42.00 target price on shares of Molson Coors Beverage in a research report on Friday, May 1st. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $44.88.

Molson Coors Beverage Stock Up 2.2%

Shares of Molson Coors Beverage stock opened at $41.44 on Friday. The business’s 50 day simple moving average is $41.34 and its 200 day simple moving average is $45.06. Molson Coors Beverage has a 52-week low of $38.04 and a 52-week high of $54.82. The firm has a market cap of $7.77 billion, a PE ratio of -3.89 and a beta of 0.41. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.26. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same period last year, the business earned $0.50 EPS. The business’s quarterly revenue was up 2.0% on a year-over-year basis. On average, analysts predict that Molson Coors Beverage will post 4.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of Molson Coors Beverage stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $42.50, for a total transaction of $52,912.50. Following the completion of the transaction, the director directly owned 9,871 shares of the company’s stock, valued at $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.27% of the stock is currently owned by company insiders.

Institutional Trading of Molson Coors Beverage

A number of hedge funds have recently modified their holdings of the stock. Dodge & Cox grew its stake in Molson Coors Beverage by 29.4% in the 3rd quarter. Dodge & Cox now owns 18,631,224 shares of the company’s stock valued at $843,063,000 after buying an additional 4,235,029 shares during the last quarter. State Street Corp lifted its position in Molson Coors Beverage by 19.2% during the third quarter. State Street Corp now owns 10,516,810 shares of the company’s stock worth $475,886,000 after acquiring an additional 1,693,682 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Molson Coors Beverage by 10.4% during the first quarter. Dimensional Fund Advisors LP now owns 8,363,157 shares of the company’s stock worth $360,117,000 after acquiring an additional 790,314 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Molson Coors Beverage by 1.2% during the fourth quarter. Invesco Ltd. now owns 4,485,000 shares of the company’s stock worth $209,360,000 after acquiring an additional 54,456 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Molson Coors Beverage by 16.4% during the first quarter. Bank of New York Mellon Corp now owns 3,326,427 shares of the company’s stock worth $143,236,000 after acquiring an additional 469,607 shares during the period. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.