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

Molson Coors Beverage (NYSE:TAP)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $72.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 25.17% from the company’s current price.

Several other research analysts also recently commented on TAP. JPMorgan Chase & Co. decreased their price target on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Citigroup upgraded shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and upped their price target for the company from $47.00 to $57.00 in a research report on Wednesday, February 5th. Barclays decreased their price objective on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. UBS Group increased their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, StockNews.com cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Friday, February 21st. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $64.39.

Molson Coors Beverage Stock Performance

NYSE TAP opened at $57.52 on Tuesday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $64.66. The company has a fifty day moving average of $59.77 and a 200-day moving average of $58.37. The company has a market capitalization of $11.65 billion, a P/E ratio of 10.75, a P/E/G ratio of 1.52 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. The firm had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. As a group, equities research analysts predict that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in Molson Coors Beverage in the fourth quarter worth $142,407,000. Fairfax Financial Holdings Ltd. Can bought a new position in shares of Molson Coors Beverage in the 4th quarter worth about $68,010,000. KBC Group NV lifted its position in Molson Coors Beverage by 269.1% during the 1st quarter. KBC Group NV now owns 1,237,539 shares of the company’s stock valued at $75,329,000 after acquiring an additional 902,296 shares during the period. Estuary Capital Management LP bought a new stake in Molson Coors Beverage during the fourth quarter worth about $39,052,000. Finally, Bank of New York Mellon Corp boosted its stake in Molson Coors Beverage by 16.8% during the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company’s stock worth $251,442,000 after acquiring an additional 595,203 shares in the last quarter. Hedge funds and other 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.