Molson Coors Beverage (NYSE:TAP) Price Target Cut to $54.00

Molson Coors Beverage (NYSE:TAP) had its price objective dropped by equities research analysts at Bank of America from $62.00 to $54.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 5.53% from the stock’s previous close.

Several other research analysts also recently commented on TAP. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Wells Fargo & Company reduced their price target on shares of Molson Coors Beverage from $55.00 to $50.00 and set an “underweight” rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Citigroup reduced their price target on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $63.13.

Molson Coors Beverage Trading Up 1.5 %

Shares of TAP opened at $51.17 on Wednesday. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $70.90. The company has a market cap of $10.84 billion, a P/E ratio of 10.23, a P/E/G ratio of 1.81 and a beta of 0.81. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. The company’s fifty day simple moving average is $53.10 and its 200-day simple moving average is $59.93.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, analysts expect that Molson Coors Beverage will post 5.69 EPS for the current year.

Institutional Trading of Molson Coors Beverage

A number of institutional investors have recently modified their holdings of TAP. Morgan Stanley boosted its holdings in shares of Molson Coors Beverage by 40.2% in the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after buying an additional 988,864 shares in the last quarter. Comerica Bank boosted its stake in Molson Coors Beverage by 12.1% in the 3rd quarter. Comerica Bank now owns 96,700 shares of the company’s stock worth $6,149,000 after purchasing an additional 10,464 shares in the last quarter. Graham Capital Management L.P. acquired a new stake in Molson Coors Beverage in the 3rd quarter worth approximately $364,000. Deutsche Bank AG boosted its stake in Molson Coors Beverage by 57.4% in the 3rd quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock worth $78,446,000 after purchasing an additional 449,971 shares in the last quarter. Finally, Banque Pictet & Cie SA acquired a new stake in Molson Coors Beverage in the 3rd quarter worth approximately $248,000. 78.46% of the stock is currently owned by institutional investors.

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.