Molson Coors Beverage (NYSE:TAP) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Molson Coors Beverage (NYSE:TAP) from a neutral rating to an underweight rating in a research report report published on Monday, Marketbeat Ratings reports. They currently have $37.00 price target on the stock, down from their prior price target of $41.00.

Several other research analysts have also weighed in on the company. BNP Paribas Exane lowered their price objective on Molson Coors Beverage from $34.00 to $33.00 and set an “underperform” rating for the company in a research report on Friday, September 18th. Zacks Research downgraded Molson Coors Beverage from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. TD Cowen reduced their target price on Molson Coors Beverage from $43.00 to $37.00 and set a “hold” rating on the stock in a research report on Tuesday, October 13th. Deutsche Bank set a $41.00 price target on Molson Coors Beverage in a research note on Wednesday, July 22nd. Finally, UBS Group increased their price target on Molson Coors Beverage from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $42.41.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock opened at $39.58 on Monday. The firm has a 50 day simple moving average of $38.91 and a 200-day simple moving average of $42.16. Molson Coors Beverage has a 1-year low of $35.52 and a 1-year high of $54.82. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.86 and a quick ratio of 0.60. The stock has a market cap of $8.29 billion, a price-to-earnings ratio of 8.42 and a beta of 0.45.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 5th. The company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.02. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.94 billion. Molson Coors Beverage had a net margin of 6.95% and a return on equity of 8.92%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.67 EPS. On average, analysts expect that Molson Coors Beverage will post 4.46 EPS for the current year.

Hedge Funds Weigh In On Molson Coors Beverage

Institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC purchased a new stake in Molson Coors Beverage during the third quarter worth about $1,517,000. Landscape Capital Management L.L.C. lifted its position in shares of Molson Coors Beverage by 168.8% during the third quarter. Landscape Capital Management L.L.C. now owns 287,907 shares of the company’s stock worth $10,500,000 after purchasing an additional 180,812 shares in the last quarter. Voya Investment Management LLC boosted its stake in shares of Molson Coors Beverage by 30.6% in the third quarter. Voya Investment Management LLC now owns 44,958 shares of the company’s stock valued at $1,640,000 after purchasing an additional 10,524 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Molson Coors Beverage by 1,413.0% in the third quarter. Public Sector Pension Investment Board now owns 693,018 shares of the company’s stock valued at $26,740,000 after purchasing an additional 647,213 shares during the period. Finally, South Dakota Investment Council boosted its stake in shares of Molson Coors Beverage by 44.8% in the third quarter. South Dakota Investment Council now owns 184,841 shares of the company’s stock valued at $6,741,000 after purchasing an additional 57,148 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

About Molson Coors Beverage

Molson Coors Beverage Company is a global brewer and beverage company with roots in the 18th-century Molson brewery in Canada and the 19th-century Coors brewery in Colorado. The businesses combined in 2005, and the company is headquartered in Chicago and Montreal. Its portfolio includes beer brands such as Coors Light, Miller Lite, Molson Canadian, Coors Banquet and Blue Moon, as well as other alcoholic and nonalcoholic beverages. The company brews, markets and distributes its products through its own operations and partner arrangements.