Molson Coors Beverage (NYSE:TAP) Upgraded at StockNews.com

Molson Coors Beverage (NYSE:TAP) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

A number of other analysts have also commented on the stock. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price objective for the company from $66.00 to $75.00 in a research note on Tuesday. TheStreet upgraded shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Piper Sandler began coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target for the company. Finally, Barclays upped their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $68.20.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP traded down $1.47 during trading hours on Friday, hitting $66.34. 1,334,673 shares of the company’s stock traded hands, compared to its average volume of 1,653,316. The company’s fifty day simple moving average is $64.64 and its two-hundred day simple moving average is $62.19. The company has a market cap of $14.31 billion, a price-to-earnings ratio of 15.22, a price-to-earnings-growth ratio of 2.35 and a beta of 0.84. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. Molson Coors Beverage has a 52 week low of $54.17 and a 52 week high of $70.90.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the prior year, the company earned $1.30 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. As a group, equities analysts anticipate that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the sale, the chief financial officer now owns 60,538 shares in the company, valued at approximately $3,654,679.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TAP. Raymond James Financial Services Advisors Inc. grew its stake in Molson Coors Beverage by 25.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 23,269 shares of the company’s stock valued at $1,242,000 after buying an additional 4,792 shares during the last quarter. American Century Companies Inc. grew its stake in Molson Coors Beverage by 17.1% in the 1st quarter. American Century Companies Inc. now owns 18,462 shares of the company’s stock valued at $985,000 after buying an additional 2,700 shares during the last quarter. US Bancorp DE grew its stake in Molson Coors Beverage by 45.7% in the 1st quarter. US Bancorp DE now owns 3,834 shares of the company’s stock valued at $205,000 after buying an additional 1,203 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Molson Coors Beverage by 4.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,654 shares of the company’s stock valued at $889,000 after buying an additional 720 shares during the last quarter. Finally, Natixis Advisors L.P. grew its stake in Molson Coors Beverage by 26.3% in the 1st quarter. Natixis Advisors L.P. now owns 14,411 shares of the company’s stock valued at $769,000 after buying an additional 3,001 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

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.