Molson Coors Beverage (NYSE:TAP) Price Target Raised to $60.00 at JPMorgan Chase & Co.

Molson Coors Beverage (NYSE:TAP) had its price objective lifted by JPMorgan Chase & Co. from $57.00 to $60.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages also recently commented on TAP. Bank of America lowered their price objective on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Wells Fargo & Company raised their price objective on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Citigroup cut their price target on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. Finally, Piper Sandler upped their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage presently has an average rating of “Hold” and an average target price of $59.43.

Molson Coors Beverage Price Performance

Shares of TAP opened at $56.00 on Friday. The company has a market cap of $11.86 billion, a P/E ratio of 11.20, a PEG ratio of 2.35 and a beta of 0.81. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average price is $54.78 and its 200 day moving average price is $55.44.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.24. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same period last year, the firm earned $1.78 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. On average, research analysts forecast that Molson Coors Beverage will post 5.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors have recently modified their holdings of TAP. Capital International Investors grew its position in Molson Coors Beverage by 10.7% during the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after purchasing an additional 939,142 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Molson Coors Beverage by 66.5% during the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after buying an additional 2,155,842 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after buying an additional 434,685 shares during the last quarter. Ilex Capital Partners UK LLP acquired a new position in Molson Coors Beverage in the 1st quarter valued at about $53,096,000. Finally, Millennium Management LLC raised its stake in Molson Coors Beverage by 541.4% during the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after acquiring an additional 645,847 shares during the last quarter. 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.