BNP Paribas Initiates Coverage on Molson Coors Beverage (NYSE:TAP)

Analysts at BNP Paribas assumed coverage on shares of Molson Coors Beverage (NYSE:TAP) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm set a “neutral” rating and a $64.00 price target on the stock. BNP Paribas’ price target would indicate a potential upside of 6.03% from the stock’s previous close.

Other analysts have also issued reports about the company. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $52.00 to $74.00 in a report on Friday, November 8th. UBS Group lifted their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. TD Cowen cut their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $60.57.

Molson Coors Beverage Trading Down 0.2 %

Shares of TAP opened at $60.36 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The firm has a market cap of $12.43 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 2.34 and a beta of 0.82. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The business’s fifty day moving average is $56.84 and its 200-day moving average is $54.43.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.92 EPS. Equities analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Hedge Funds Weigh In On Molson Coors Beverage

Institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. grew its position in Molson Coors Beverage by 66.5% in the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after acquiring an additional 2,155,842 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in Molson Coors Beverage during the third quarter worth about $48,202,000. State Street Corp lifted its stake in Molson Coors Beverage by 8.4% during the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after purchasing an additional 681,757 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after purchasing an additional 645,847 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Molson Coors Beverage by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after purchasing an additional 434,685 shares during 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.