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

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

Other equities analysts also recently issued reports about the stock. StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Bank of America decreased their target price on shares of Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating on the stock in a research report on Wednesday. Citigroup dropped their price target on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating for the company in a research report on Wednesday. Evercore ISI lowered their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Piper Sandler initiated coverage on shares of Molson Coors Beverage in a report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus price target of $65.53.

Molson Coors Beverage Stock Up 2.6 %

Shares of NYSE:TAP traded up $1.49 during midday trading on Thursday, hitting $58.57. The stock had a trading volume of 1,418,853 shares, compared to its average volume of 1,743,670. The company has a quick ratio of 0.50, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The business’s 50-day simple moving average is $64.96 and its 200-day simple moving average is $62.36. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The company has a market cap of $12.45 billion, a P/E ratio of 11.71, a PEG ratio of 1.98 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly 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 firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the previous year, the business earned $0.54 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts forecast that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. increased its stake in shares of Molson Coors Beverage by 9,466.3% during the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after buying an additional 2,121,211 shares during the period. Norges Bank purchased a new stake in shares of Molson Coors Beverage in the 4th quarter worth about $127,337,000. AQR Capital Management LLC boosted its stake in shares of Molson Coors Beverage by 76.0% during the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after purchasing an additional 1,500,269 shares in the last quarter. Morgan Stanley raised its stake in Molson Coors Beverage by 40.2% in the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after buying an additional 988,864 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in Molson Coors Beverage by 57.4% in the third quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock worth $78,446,000 after buying an additional 449,971 shares during the period. 78.46% of the stock is owned by institutional investors.

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.