Molson Coors Beverage (NYSE:TAP) Price Target Cut to $58.00 by Analysts at UBS Group

Molson Coors Beverage (NYSE:TAP) had its target price dropped by analysts at UBS Group from $60.00 to $58.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price objective indicates a potential upside of 5.56% from the company’s previous close.

TAP has been the subject of several other research reports. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Needham & Company LLC assumed coverage on Molson Coors Beverage in a report on Friday, December 6th. They set a “buy” rating and a $72.00 target price on the stock. BNP Paribas initiated coverage on Molson Coors Beverage in a research note on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $62.00.

Molson Coors Beverage Stock Up 0.9 %

NYSE:TAP traded up $0.48 during trading hours on Thursday, hitting $54.95. The stock had a trading volume of 847,882 shares, compared to its average volume of 1,760,486. The company has a market cap of $11.32 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 1.96 and a beta of 0.86. The business has a 50 day simple moving average of $59.22 and a two-hundred day simple moving average of $55.86. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.92 EPS. Analysts predict that Molson Coors Beverage will post 5.79 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Altshuler Shaham Ltd bought a new stake in shares of Molson Coors Beverage during the 2nd quarter worth $27,000. Ashton Thomas Securities LLC acquired a new stake in Molson Coors Beverage during the 3rd quarter worth about $35,000. Gladius Capital Management LP purchased a new stake in Molson Coors Beverage during the third quarter valued at about $42,000. True Wealth Design LLC acquired a new position in shares of Molson Coors Beverage in the third quarter worth about $59,000. Finally, Quarry LP purchased a new position in shares of Molson Coors Beverage in the second quarter worth approximately $54,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

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.