Molson Coors Beverage (NYSE:TAP) Rating Increased to Buy at The Goldman Sachs Group

Molson Coors Beverage (NYSE:TAP - Get Free Report) was upgraded by analysts at The Goldman Sachs Group from a "neutral" rating to a "buy" rating in a note issued to investors on Tuesday, MarketBeat reports. The firm currently has a $75.00 price target on the stock, up from their prior price target of $66.00. The Goldman Sachs Group's target price points to a potential upside of 11.39% from the company's current price.

Several other analysts have also recently commented on TAP. TheStreet upgraded Molson Coors Beverage from a "c" rating to a "b-" rating in a research report on Tuesday, February 13th. Barclays boosted their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 15th. StockNews.com cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Monday, March 11th. Finally, Piper Sandler started coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They set a "neutral" rating and a $69.00 price target for the company. One analyst has rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Molson Coors Beverage has an average rating of "Hold" and a consensus price target of $68.07.

Molson Coors Beverage Price Performance

Shares of TAP stock traded up $0.70 during trading hours on Tuesday, hitting $67.33. 2,344,828 shares of the company's stock were exchanged, compared to its average volume of 1,659,049. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. The firm has a market cap of $14.52 billion, a P/E ratio of 15.28, a P/E/G ratio of 2.35 and a beta of 0.84. The firm has a 50 day moving average of $64.25 and a two-hundred day moving average of $62.06. Molson Coors Beverage has a fifty-two week low of $51.90 and a fifty-two week high of $70.90.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.07. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The business's quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.30 EPS. Sell-side analysts forecast that Molson Coors Beverage will post 5.66 EPS for the current year.

Insider Activity

In other news, CFO Tracey Joubert sold 2,771 shares of the company's stock in a transaction on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the transaction, the chief financial officer now owns 60,538 shares of the company's stock, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.41% of the company's stock.

Hedge Funds Weigh In On Molson Coors Beverage

Several large investors have recently modified their holdings of TAP. Belpointe Asset Management LLC raised its position in Molson Coors Beverage by 12.7% in the 1st quarter. Belpointe Asset Management LLC now owns 1,521 shares of the company's stock valued at $79,000 after purchasing an additional 171 shares in the last quarter. Kestra Private Wealth Services LLC raised its position in Molson Coors Beverage by 1.5% in the 4th quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company's stock valued at $709,000 after purchasing an additional 174 shares in the last quarter. Quent Capital LLC increased its holdings in shares of Molson Coors Beverage by 13.4% in the 3rd quarter. Quent Capital LLC now owns 1,487 shares of the company's stock valued at $95,000 after acquiring an additional 176 shares during the last quarter. IMPACTfolio LLC increased its holdings in shares of Molson Coors Beverage by 4.6% in the 4th quarter. IMPACTfolio LLC now owns 4,027 shares of the company's stock valued at $246,000 after acquiring an additional 176 shares during the last quarter. Finally, Syntax Advisors LLC increased its holdings in shares of Molson Coors Beverage by 5.0% in the 3rd quarter. Syntax Advisors LLC now owns 3,866 shares of the company's stock valued at $246,000 after acquiring an additional 185 shares during the last quarter. Institutional investors and hedge funds 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.