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

Molson Coors Beverage (NYSE:TAP)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They presently have a $72.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 19.23% from the stock’s previous close.

A number of other analysts also recently issued reports on TAP. UBS Group raised 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. Morgan Stanley lifted their target price on Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. lowered their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Citigroup upgraded shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. Finally, StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Friday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $64.39.

Molson Coors Beverage Price Performance

TAP stock traded down $0.30 during mid-day trading on Monday, reaching $60.39. The company’s stock had a trading volume of 375,499 shares, compared to its average volume of 2,072,117. The stock has a market cap of $12.24 billion, a PE ratio of 11.29, a P/E/G ratio of 1.52 and a beta of 0.69. The company’s 50 day moving average is $59.47 and its two-hundred day moving average is $58.16. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $66.87. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, February 13th. The company reported $1.30 EPS 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 business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. Equities research analysts expect that Molson Coors Beverage will post 6.35 EPS for the current year.

Institutional Investors Weigh In On Molson Coors Beverage

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Financial Management Professionals Inc. increased its position in shares of Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock worth $31,000 after purchasing an additional 493 shares in the last quarter. Truvestments Capital LLC increased its position in Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after buying an additional 202 shares during the period. CoreCap Advisors LLC lifted its stake in Molson Coors Beverage by 10,716.7% in the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock valued at $37,000 after buying an additional 643 shares during the last quarter. First Financial Corp IN acquired a new stake in shares of Molson Coors Beverage in the first quarter valued at approximately $37,000. Finally, Quarry LP grew its position in shares of Molson Coors Beverage by 55.1% during the fourth quarter. Quarry LP now owns 715 shares of the company’s stock worth $41,000 after acquiring an additional 254 shares during the last quarter. 78.46% of the stock is currently 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.