Molson Coors Beverage (NYSE:TAP) Upgraded at Barclays

Molson Coors Beverage (NYSE:TAP) was upgraded by equities researchers at Barclays from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a $62.00 price objective on the stock, up from their prior price objective of $56.00. Barclays‘s price target would indicate a potential upside of 4.44% from the stock’s previous close.

TAP has been the topic of several other reports. BNP Paribas started coverage on Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 price target on the stock. StockNews.com downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Morgan Stanley upped their price objective on Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Finally, Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price objective for the company from $57.00 to $70.00 in a report on Friday, December 6th. Eleven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.67.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP opened at $59.37 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. The stock has a market capitalization of $12.03 billion, a PE ratio of 11.10, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The stock has a 50 day moving average price of $57.01 and a 200 day moving average price of $57.29.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. Analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of large investors have recently made changes to their positions in TAP. Truvestments Capital LLC increased its stake in Molson Coors Beverage by 51.4% in the 4th 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. Ashton Thomas Securities LLC purchased a new stake in Molson Coors Beverage during the third quarter worth $35,000. CoreCap Advisors LLC boosted its position in Molson Coors Beverage by 10,716.7% during the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock valued at $37,000 after purchasing an additional 643 shares in the last quarter. Quarry LP boosted its holdings in shares of Molson Coors Beverage by 55.1% in the 4th quarter. Quarry LP now owns 715 shares of the company’s stock valued at $41,000 after buying an additional 254 shares in the last quarter. Finally, Gladius Capital Management LP purchased a new position in Molson Coors Beverage in the third quarter worth $42,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

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.