JPMorgan Chase & Co. Raises Molson Coors Beverage (NYSE:TAP) Price Target to $57.00

Molson Coors Beverage (NYSE:TAP) had its price target increased by research analysts at JPMorgan Chase & Co. from $54.00 to $57.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 8.37% from the company’s previous close.

TAP has been the topic of several other reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of Molson Coors Beverage from $62.00 to $56.00 and set a “hold” rating on the stock in a research note on Thursday, July 25th. UBS Group upped their price objective on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday. Barclays lowered shares of Molson Coors Beverage from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $55.00 to $47.00 in a research report on Thursday, July 18th. Evercore ISI dropped their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group decreased their price objective on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $60.40.

Molson Coors Beverage Price Performance

TAP stock traded down $1.30 during mid-day trading on Wednesday, reaching $52.60. 1,885,651 shares of the company’s stock were exchanged, compared to its average volume of 1,955,952. The stock’s 50 day moving average is $51.82 and its 200 day moving average is $58.71. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. The company has a market cap of $11.14 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 2.26 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.24. The firm had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.78 EPS. On average, research analysts expect that Molson Coors Beverage will post 5.56 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TAP. Norges Bank purchased a new position in Molson Coors Beverage in the fourth quarter worth $127,337,000. Capital International Investors increased its position in Molson Coors Beverage by 10.7% during the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock valued at $651,849,000 after buying an additional 939,142 shares in the last quarter. Ilex Capital Partners UK LLP bought a new position in Molson Coors Beverage in the 1st quarter worth about $53,096,000. River Road Asset Management LLC grew its holdings in shares of Molson Coors Beverage by 94.8% during the fourth quarter. River Road Asset Management LLC now owns 843,373 shares of the company’s stock valued at $51,623,000 after buying an additional 410,467 shares during the last quarter. Finally, Royal London Asset Management Ltd. boosted its stake in Molson Coors Beverage by 471.2% during the 2nd quarter. Royal London Asset Management Ltd. now owns 452,692 shares of the company’s stock valued at $23,010,000 after purchasing an additional 373,440 shares during the last quarter. 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.