Molson Coors Beverage (NYSE:TAP) Upgraded by TD Cowen to Hold Rating

Molson Coors Beverage (NYSE:TAP) was upgraded by stock analysts at TD Cowen to a “hold” rating in a note issued to investors on Friday,Zacks.com reports.

TAP has been the subject of a number of other reports. Barclays dropped their price target on Molson Coors Beverage from $43.00 to $41.00 and set an “underweight” rating for the company in a report on Friday, May 1st. Sanford C. Bernstein reduced their price objective on Molson Coors Beverage from $74.00 to $45.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 26th. Jefferies Financial Group decreased their target price on Molson Coors Beverage from $43.00 to $41.00 in a report on Friday, June 12th. Wall Street Zen cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Molson Coors Beverage from $45.00 to $43.00 and set a “neutral” rating on the stock in a research report on Monday, April 27th. Four research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and an average target price of $44.88.

Molson Coors Beverage Stock Performance

TAP opened at $41.44 on Friday. The stock’s 50 day simple moving average is $41.34 and its 200-day simple moving average is $45.06. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.38. The stock has a market cap of $7.77 billion, a PE ratio of -3.89 and a beta of 0.41. Molson Coors Beverage has a 1 year low of $38.04 and a 1 year high of $54.82.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.26. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 earnings per share. Sell-side analysts forecast that Molson Coors Beverage will post 4.8 EPS for the current year.

Insider Activity

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the sale, the director directly owned 9,871 shares in the company, valued at $419,517.50. This represents a 11.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.27% of the stock is owned by company insiders.

Institutional Trading of Molson Coors Beverage

A number of large investors have recently bought and sold shares of the business. Pine Valley Investments Ltd Liability Co bought a new position in Molson Coors Beverage in the first quarter valued at approximately $11,583,000. NewEdge Advisors LLC increased its position in shares of Molson Coors Beverage by 2,241.1% during the first quarter. NewEdge Advisors LLC now owns 24,137 shares of the company’s stock worth $1,039,000 after acquiring an additional 23,106 shares in the last quarter. Financial Solutions Advisory Group Inc. bought a new stake in shares of Molson Coors Beverage during the first quarter worth $1,086,000. Bank of America Corp DE raised its holdings in shares of Molson Coors Beverage by 36.5% during the first quarter. Bank of America Corp DE now owns 1,187,921 shares of the company’s stock worth $51,152,000 after acquiring an additional 317,387 shares during the period. Finally, Kentucky Retirement Systems raised its holdings in shares of Molson Coors Beverage by 24.0% during the first quarter. Kentucky Retirement Systems now owns 13,054 shares of the company’s stock worth $562,000 after acquiring an additional 2,523 shares during the period. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.