JPMorgan Chase & Co. Issues Pessimistic Forecast for Molson Coors Beverage (NYSE:TAP) Stock Price

Molson Coors Beverage (NYSE:TAP) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $59.00 to $58.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 4.40% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. UBS Group decreased their price objective on Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. TD Cowen decreased their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Saturday, January 25th. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Finally, Barclays decreased their price objective on Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating for the company in a report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $61.64.

Molson Coors Beverage Stock Up 1.1 %

Shares of TAP stock traded up $0.61 during trading hours on Thursday, reaching $55.56. 135,609 shares of the stock were exchanged, compared to its average volume of 1,649,728. The business’s fifty day moving average is $58.04 and its two-hundred day moving average is $56.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The firm has a market capitalization of $11.44 billion, a P/E ratio of 12.51, a P/E/G ratio of 2.04 and a beta of 0.86. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.92 earnings per share. As a group, research analysts expect that Molson Coors Beverage will post 5.79 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TAP. Ashton Thomas Securities LLC purchased a new position in shares of Molson Coors Beverage in the third quarter valued at $35,000. Gladius Capital Management LP purchased a new position in shares of Molson Coors Beverage in the third quarter valued at $42,000. Quarry LP purchased a new position in shares of Molson Coors Beverage in the second quarter valued at $54,000. True Wealth Design LLC purchased a new position in shares of Molson Coors Beverage in the third quarter valued at $59,000. Finally, Allworth Financial LP increased its position in shares of Molson Coors Beverage by 33.7% in the third quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock valued at $68,000 after buying an additional 297 shares in the last quarter. Hedge funds and other institutional investors 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.