Molson Coors Beverage (NYSE:TAP) Price Target Cut to $60.00

Molson Coors Beverage (NYSE:TAP) had its price objective lowered by research analysts at JPMorgan Chase & Co. from $66.00 to $60.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 4.51% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Citigroup downgraded shares of Molson Coors Beverage from a “neutral” rating to a “sell” rating and reduced their price target for the company from $66.00 to $56.00 in a report on Wednesday, April 24th. TheStreet upgraded shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price target for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. Barclays lifted their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, April 12th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $67.13.

Molson Coors Beverage Stock Performance

TAP stock traded up $0.15 on Wednesday, hitting $57.41. The company had a trading volume of 943,933 shares, compared to its average volume of 1,724,769. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock’s 50-day simple moving average is $65.07 and its 200 day simple moving average is $62.40. The stock has a market cap of $12.21 billion, a price-to-earnings ratio of 13.10, a P/E/G ratio of 2.19 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.21. The business had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 EPS. As a group, equities research analysts expect that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares in the company, valued at approximately $3,654,679.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TAP. Asset Management One Co. Ltd. increased its stake in Molson Coors Beverage by 1.2% during the 3rd quarter. Asset Management One Co. Ltd. now owns 74,853 shares of the company’s stock valued at $4,760,000 after purchasing an additional 869 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Molson Coors Beverage by 5.4% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 76,766 shares of the company’s stock valued at $4,882,000 after acquiring an additional 3,900 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Molson Coors Beverage by 7.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,897 shares of the company’s stock valued at $2,156,000 after acquiring an additional 2,279 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at $271,000. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Molson Coors Beverage by 112.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 531,694 shares of the company’s stock valued at $33,810,000 after acquiring an additional 281,869 shares during 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.