Molson Coors Beverage (NYSE:TAP) PT Lowered to $62.00

Molson Coors Beverage (NYSE:TAP) had its target price cut by equities researchers at Barclays from $67.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price target indicates a potential upside of 7.17% from the stock’s previous close.

TAP has been the subject of several other reports. UBS Group cut their price target on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating for the company in a research note on Wednesday. Bank of America cut their target price on Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating for the company in a research report on Wednesday. The Goldman Sachs Group upgraded 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 report on Tuesday, April 9th. Piper Sandler began coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 price objective on the stock. Finally, TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and an average target price of $65.53.

Molson Coors Beverage Stock Performance

TAP stock traded up $0.05 during midday trading on Thursday, reaching $57.85. 2,054,717 shares of the company were exchanged, compared to its average volume of 2,096,558. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.50. The business has a 50-day moving average price of $64.77 and a two-hundred day moving average price of $62.32. Molson Coors Beverage has a one year low of $55.67 and a one year high of $70.90. The firm has a market capitalization of $12.30 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter last year, the firm earned $0.54 earnings per share. The company’s revenue was up 10.7% on a year-over-year basis. Equities research analysts forecast that Molson Coors Beverage will post 5.68 EPS for the current year.

Insider Activity

In other news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.71% of the company’s stock.

Institutional Trading of Molson Coors Beverage

A number of institutional investors and hedge funds have recently bought and sold shares of TAP. Tennessee Valley Asset Management Partners bought a new stake in shares of Molson Coors Beverage in the 4th quarter valued at about $29,000. Montag A & Associates Inc. bought a new stake in Molson Coors Beverage in the fourth quarter valued at approximately $31,000. Stone House Investment Management LLC acquired a new stake in Molson Coors Beverage during the 3rd quarter valued at approximately $32,000. Raleigh Capital Management Inc. raised its holdings in Molson Coors Beverage by 2,087.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after purchasing an additional 501 shares during the last quarter. Finally, Transcendent Capital Group LLC bought a new position in Molson Coors Beverage during the 4th quarter worth approximately $36,000. 78.46% of the stock is currently 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.