Molson Coors Beverage (NYSE:TAP) Upgraded by Wells Fargo & Company to "Overweight" Rating

Molson Coors Beverage (NYSE:TAP - Get Free Report) was upgraded by research analysts at Wells Fargo & Company from an "underweight" rating to an "overweight" rating in a report issued on Friday, Marketbeat.com reports. The firm currently has a $74.00 price objective on the stock, up from their previous price objective of $52.00. Wells Fargo & Company's target price would indicate a potential upside of 24.24% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. TD Cowen cut 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 note on Tuesday, October 8th. UBS Group upped their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Jefferies Financial Group dropped their target price on shares of Molson Coors Beverage from $61.00 to $57.00 and set a "hold" rating for the company in a research report on Thursday, July 18th. Finally, Piper Sandler upped their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $60.15.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP traded up $2.83 on Friday, reaching $59.56. 3,629,668 shares of the company traded hands, compared to its average volume of 1,907,780. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The company's 50 day moving average is $55.46 and its 200-day moving average is $54.43. The stock has a market capitalization of $12.34 billion, a PE ratio of 10.91, a P/E/G ratio of 2.43 and a beta of 0.82. 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 - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.15. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The company had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.13 billion. During the same period in the prior year, the business earned $1.92 earnings per share. Molson Coors Beverage's revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, analysts anticipate that Molson Coors Beverage will post 5.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds have recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Molson Coors Beverage by 153.7% in the 1st quarter. Nordea Investment Management AB now owns 25,830 shares of the company's stock valued at $1,730,000 after purchasing an additional 15,648 shares during the last quarter. iA Global Asset Management Inc. grew its stake in shares of Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company's stock worth $2,124,000 after purchasing an additional 17,062 shares during the period. Wakefield Asset Management LLLP raised its holdings in Molson Coors Beverage by 124.5% in the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company's stock worth $2,709,000 after purchasing an additional 29,552 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Molson Coors Beverage during the second quarter worth $3,842,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Molson Coors Beverage by 105.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 259,437 shares of the company's stock worth $17,459,000 after buying an additional 132,893 shares during the period. Institutional investors own 78.46% of the company's stock.

Molson Coors Beverage Company Profile

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.