Molson Coors Beverage (NYSE:TAP) Receives Buy Rating from Needham & Company LLC

Molson Coors Beverage (NYSE:TAP)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $72.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 23.03% from the stock’s previous close.

Several other brokerages have also recently issued reports on TAP. StockNews.com cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Sunday, February 2nd. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $52.00 to $74.00 in a report on Friday, November 8th. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price objective for the company from $57.00 to $70.00 in a report on Friday, December 6th. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price objective for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. Finally, UBS Group decreased their price objective on Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus price target of $62.36.

Molson Coors Beverage Stock Up 9.5 %

Shares of NYSE:TAP opened at $58.52 on Wednesday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The stock has a market cap of $12.06 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The business’s 50 day moving average is $56.52 and its 200 day moving average is $56.26. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data 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. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. Sell-side analysts predict that Molson Coors Beverage will post 5.79 EPS for the current year.

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors have recently modified their holdings of TAP. Ritholtz Wealth Management acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at about $223,000. Creative Planning boosted its holdings in Molson Coors Beverage by 14.7% in the 3rd quarter. Creative Planning now owns 18,890 shares of the company’s stock worth $1,087,000 after buying an additional 2,418 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in Molson Coors Beverage by 16.1% in the 3rd quarter. Vontobel Holding Ltd. now owns 124,768 shares of the company’s stock worth $7,177,000 after buying an additional 17,285 shares during the last quarter. Inlet Private Wealth LLC boosted its holdings in Molson Coors Beverage by 4.7% in the 3rd quarter. Inlet Private Wealth LLC now owns 47,770 shares of the company’s stock worth $2,748,000 after buying an additional 2,150 shares during the last quarter. Finally, Randolph Co Inc acquired a new stake in Molson Coors Beverage in the 3rd quarter worth about $21,754,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

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.