Molson Coors Beverage (NYSE:TAP) Price Target Lowered to $62.00 at Bank of America

Molson Coors Beverage (NYSE:TAP) had its price objective dropped by equities research analysts at Bank of America from $72.00 to $62.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s target price points to a potential upside of 8.73% from the company’s previous close.

A number of other research firms have also issued reports on TAP. Piper Sandler began coverage on Molson Coors Beverage in a report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price for the company. Deutsche Bank Aktiengesellschaft raised their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. Barclays raised their price target on Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a research note on Friday, April 12th. Finally, The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $66.47.

Molson Coors Beverage Stock Down 0.4 %

NYSE:TAP traded down $0.24 during midday trading on Wednesday, reaching $57.02. The company had a trading volume of 1,269,729 shares, compared to its average volume of 1,728,859. The firm has a market capitalization of $12.12 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 2.19 and a beta of 0.84. The stock’s fifty day simple moving average is $65.07 and its 200-day simple moving average is $62.40. 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.

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, beating analysts’ consensus estimates of $0.74 by $0.21. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. Molson Coors Beverage’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business posted $0.54 earnings per share. On average, sell-side analysts anticipate 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 firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the transaction, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.71% of the company’s stock.

Hedge Funds Weigh In On Molson Coors Beverage

A number of hedge funds and other institutional investors have recently made changes to their positions in TAP. Tennessee Valley Asset Management Partners purchased a new position in shares of Molson Coors Beverage during the fourth quarter worth about $29,000. Montag A & Associates Inc. purchased a new position in shares of Molson Coors Beverage during the fourth quarter worth about $31,000. Stone House Investment Management LLC purchased a new position in shares of Molson Coors Beverage during the third quarter worth about $32,000. Raleigh Capital Management Inc. grew its holdings in shares of 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 during the last quarter. Finally, Transcendent Capital Group LLC purchased a new position in shares of Molson Coors Beverage during the fourth quarter worth about $36,000. Hedge funds and other institutional investors 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.