Molson Coors Beverage (NYSE:TAP) Given New $65.00 Price Target at Needham & Company LLC

Molson Coors Beverage (NYSE:TAP) had its price target reduced by investment analysts at Needham & Company LLC from $72.00 to $65.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 19.05% from the company’s previous close.

A number of other brokerages have also weighed in on TAP. UBS Group decreased their target price on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday. Morgan Stanley dropped their target price on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday. StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Friday. JPMorgan Chase & Co. lowered their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, Barclays cut their price objective on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $62.99.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock opened at $54.60 on Monday. The business’s 50-day moving average price is $59.12 and its 200-day moving average price is $58.44. The firm has a market capitalization of $11.06 billion, a PE ratio of 10.21, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $64.66. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the business earned $0.95 earnings per share. The business’s quarterly revenue was down 11.3% on a year-over-year basis. Sell-side analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Golden State Wealth Management LLC raised its holdings in Molson Coors Beverage by 230.2% in the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock valued at $25,000 after acquiring an additional 290 shares during the last quarter. Millstone Evans Group LLC increased its position in shares of Molson Coors Beverage by 151.8% in the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock worth $26,000 after purchasing an additional 255 shares during the last quarter. Financial Management Professionals Inc. raised its stake in Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock worth $31,000 after acquiring an additional 493 shares during the period. Eastern Bank acquired a new position in Molson Coors Beverage during the 1st quarter valued at about $33,000. Finally, Truvestments Capital LLC raised its position in shares of Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after buying an additional 202 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

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.