Barclays Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $53.00

Molson Coors Beverage (NYSE:TAP) had its target price lowered by equities researchers at Barclays from $57.00 to $53.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential upside of 6.65% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC decreased their price target on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Wall Street Zen cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Saturday, May 17th. Piper Sandler decreased their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating for the company in a research note on Monday, June 23rd. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the company a “buy” rating in a report on Tuesday, May 20th. Finally, UBS Group lowered their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Thirteen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $59.49.

Molson Coors Beverage Trading Up 1.3%

Shares of Molson Coors Beverage stock opened at $49.70 on Tuesday. The company has a fifty day simple moving average of $51.56 and a 200-day simple moving average of $55.76. Molson Coors Beverage has a 12-month low of $46.94 and a 12-month high of $64.66. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. The stock has a market cap of $10.05 billion, a price-to-earnings ratio of 10.00, a PEG ratio of 2.72 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The firm’s revenue for the quarter was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. On average, equities analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Insider Activity

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the sale, the director directly owned 27,595 shares of the company’s stock, valued at $1,553,322.55. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.71% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Molson Coors Beverage

Hedge funds have recently modified their holdings of the company. Golden State Wealth Management LLC boosted its position in shares of Molson Coors Beverage by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock worth $25,000 after acquiring an additional 290 shares during the last quarter. Millstone Evans Group LLC lifted its position in Molson Coors Beverage by 151.8% during the first quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock valued at $26,000 after buying an additional 255 shares in the last quarter. Elequin Capital LP acquired a new position in Molson Coors Beverage during the first quarter valued at approximately $30,000. Financial Management Professionals Inc. lifted its position in Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after buying an additional 493 shares in the last quarter. Finally, Eastern Bank acquired a new position in Molson Coors Beverage during the first quarter valued at approximately $33,000. 78.46% of the stock is owned by institutional investors and hedge funds.

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.