Barclays Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $61.00

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price target reduced by equities researchers at Barclays from $62.00 to $61.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's target price would indicate a potential upside of 0.08% from the stock's previous close.

Several other brokerages have also recently issued reports on TAP. Morgan Stanley raised their target price on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an "equal weight" rating in a research report on Friday, February 14th. StockNews.com downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Friday, February 21st. JPMorgan Chase & Co. cut their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Needham & Company LLC reiterated a "buy" rating and issued a $72.00 price target on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Finally, Citigroup raised 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 research report on Wednesday, February 5th. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Molson Coors Beverage presently has an average rating of "Hold" and a consensus price target of $63.60.

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Molson Coors Beverage Stock Performance

Shares of NYSE TAP traded up $0.42 during trading on Thursday, reaching $60.95. 592,134 shares of the company traded hands, compared to its average volume of 2,023,201. The firm has a 50 day simple moving average of $58.11 and a 200-day simple moving average of $57.72. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The stock has a market capitalization of $12.35 billion, a PE ratio of 11.39, a P/E/G ratio of 1.52 and a beta of 0.81. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.13. The company had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. Equities research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC grew its position in shares of Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after purchasing an additional 202 shares in the last quarter. CoreCap Advisors LLC grew its holdings in Molson Coors Beverage by 10,716.7% during the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after buying an additional 643 shares in the last quarter. Quarry LP increased its stake in Molson Coors Beverage by 55.1% in the 4th 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. Catalyst Capital Advisors LLC increased its stake in Molson Coors Beverage by 143.6% in the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company's stock worth $42,000 after acquiring an additional 428 shares during the last quarter. Finally, SRS Capital Advisors Inc. raised its holdings in shares of Molson Coors Beverage by 38.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company's stock worth $42,000 after acquiring an additional 203 shares in the last quarter. 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.