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

Molson Coors Beverage (NYSE:TAP) had its price objective boosted by JPMorgan Chase & Co. from $57.00 to $60.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 6.95% from the company’s previous close.

Other analysts also recently issued reports about the company. Jefferies Financial Group lowered their target price on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research note on Thursday, July 18th. UBS Group raised their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler upped their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen decreased their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $59.43.

Molson Coors Beverage Stock Up 0.1 %

Molson Coors Beverage stock traded up $0.05 during midday trading on Friday, hitting $56.10. 335,703 shares of the company were exchanged, compared to its average volume of 1,915,726. The company has a market cap of $11.89 billion, a PE ratio of 11.22, a price-to-earnings-growth 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’s fifty day moving average price is $54.72 and its 200-day moving average price is $55.52. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75.

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

Institutional Trading of Molson Coors Beverage

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