Molson Coors Beverage (NYSE:TAP) Price Target Cut to $50.00

Molson Coors Beverage (NYSE:TAP) had its target price lowered by research analysts at Wells Fargo & Company from $55.00 to $50.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential downside of 2.29% from the company’s current price.

Several other analysts have also issued reports on TAP. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their target price for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Piper Sandler assumed coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target on the stock. Bank of America lowered their price target on Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. UBS Group lowered their price target on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Finally, StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $63.13.

Molson Coors Beverage Stock Performance

TAP opened at $51.17 on Wednesday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $70.90. The firm has a market capitalization of $10.84 billion, a PE ratio of 10.23, a PEG ratio of 1.81 and a beta of 0.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. The business’s 50-day simple moving average is $53.10 and its 200 day simple moving average is $59.93.

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

Institutional Investors Weigh In On Molson Coors Beverage

Large investors have recently added to or reduced their stakes in the stock. Tennessee Valley Asset Management Partners acquired a new stake in Molson Coors Beverage during the fourth quarter worth approximately $29,000. Montag A & Associates Inc. acquired a new stake in Molson Coors Beverage during the fourth quarter worth approximately $31,000. Raleigh Capital Management Inc. grew its position in Molson Coors Beverage by 2,087.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after buying an additional 501 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in Molson Coors Beverage during the fourth quarter worth approximately $36,000. Finally, Allworth Financial LP grew its position in Molson Coors Beverage by 179.4% during the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock worth $38,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Company Profile

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.