Molson Coors Beverage (NYSE:TAP) Price Target Cut to $62.00

Molson Coors Beverage (NYSE:TAP) had its target price dropped by research analysts at Barclays from $67.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential upside of 5.86% from the stock’s previous close.

A number of other research firms have also recently commented on TAP. Citigroup cut their target price on Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Evercore ISI decreased their price objective on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday. TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Finally, Bank of America decreased their price target on shares of Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $65.53.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP traded up $1.49 during midday trading on Thursday, reaching $58.57. The company had a trading volume of 1,418,853 shares, compared to its average volume of 1,743,670. The stock has a market cap of $12.45 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.98 and a beta of 0.86. The company has a current ratio of 0.69, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90. The business’s 50-day simple moving average is $64.96 and its 200 day simple moving average is $62.36.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating 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 business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The company’s revenue was up 10.7% on a year-over-year basis. On average, analysts forecast that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Insider Transactions at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction on 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 directly owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.71% of the company’s stock.

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds have recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new position in shares of Molson Coors Beverage in the fourth quarter valued at $29,000. Montag A & Associates Inc. purchased a new stake in shares of Molson Coors Beverage during the fourth quarter valued at $31,000. Stone House Investment Management LLC purchased a new position in Molson Coors Beverage in the 3rd quarter worth about $32,000. Raleigh Capital Management Inc. increased its stake in Molson Coors Beverage by 2,087.5% in 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 in the last quarter. Finally, Transcendent Capital Group LLC acquired a new stake in Molson Coors Beverage during the 4th quarter worth about $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.