Molson Coors Beverage (NYSE:TAP – Get Free Report) had its target price reduced by investment analysts at Sanford C. Bernstein from $74.00 to $45.00 in a report issued on Tuesday,MarketScreener reports. The brokerage currently has a “market perform” rating on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 9.81% from the company’s previous close.
A number of other research firms also recently commented on TAP. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $42.00 target price on shares of Molson Coors Beverage in a research report on Friday, May 1st. Wall Street Zen downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. The Goldman Sachs Group raised their price target on Molson Coors Beverage from $48.00 to $50.00 in a research report on Friday, May 1st. Jefferies Financial Group lowered their price target on Molson Coors Beverage from $45.00 to $43.00 and set a “hold” rating for the company in a research report on Monday, April 20th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Molson Coors Beverage in a research report on Friday, March 27th. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $45.29.
Read Our Latest Stock Report on Molson Coors Beverage
Molson Coors Beverage Price Performance
Molson Coors Beverage (NYSE:TAP – Get Free Report) last posted its earnings results on Friday, May 1st. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.26. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 EPS. On average, equities research analysts anticipate that Molson Coors Beverage will post 4.74 earnings per share for the current year.
Insiders Place Their Bets
In other Molson Coors Beverage news, Director Andrew Thomas Molson bought 2,000 shares of Molson Coors Beverage stock in a transaction on Monday, March 9th. The shares were acquired at an average price of $46.67 per share, for a total transaction of $93,340.00. Following the completion of the purchase, the director directly owned 24,654 shares in the company, valued at approximately $1,150,602.18. This trade represents a 8.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Geoffrey E. Molson sold 1,245 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the sale, the director owned 9,871 shares in the company, valued at approximately $419,517.50. The trade was a 11.20% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.27% of the stock is owned by company insiders.
Institutional Trading of Molson Coors Beverage
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dodge & Cox increased its stake in Molson Coors Beverage by 29.4% in the third quarter. Dodge & Cox now owns 18,631,224 shares of the company’s stock worth $843,063,000 after purchasing an additional 4,235,029 shares during the period. State Street Corp increased its stake in Molson Coors Beverage by 19.2% in the third quarter. State Street Corp now owns 10,516,810 shares of the company’s stock worth $475,886,000 after purchasing an additional 1,693,682 shares during the period. Dimensional Fund Advisors LP increased its stake in Molson Coors Beverage by 10.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,363,157 shares of the company’s stock worth $360,117,000 after purchasing an additional 790,314 shares during the period. Invesco Ltd. increased its stake in Molson Coors Beverage by 1.2% in the fourth quarter. Invesco Ltd. now owns 4,485,000 shares of the company’s stock worth $209,360,000 after purchasing an additional 54,456 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Molson Coors Beverage by 16.4% in the first quarter. Bank of New York Mellon Corp now owns 3,326,427 shares of the company’s stock worth $143,236,000 after purchasing an additional 469,607 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.
Molson Coors Beverage Company Profile
Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.
In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.
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