Molson Coors Beverage (NYSE:TAP) Given New $42.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley cut its Molson Coors price target to $42 from $46 and maintained an “equal weight” rating, implying 5.76% upside from the prior close.
• Analyst sentiment is mixed: MarketBeat reports three Buy, eight Hold, and seven Sell ratings, with an average rating of “Reduce” and an average price target of $42.41.
• In its latest quarter, Molson Coors earned $1.46 per share, slightly above estimates, while revenue of $2.93 billion missed expectations and fell 1.6% year over year.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price lowered by analysts at Morgan Stanley from $46.00 to $42.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price objective points to a potential upside of 5.76% from the stock's previous close.

TAP has been the topic of several other reports. Needham & Company LLC decreased their price objective on shares of Molson Coors Beverage from $50.00 to $46.00 and set a "buy" rating on the stock in a report on Friday. Citigroup cut their target price on shares of Molson Coors Beverage from $42.00 to $40.00 and set a "neutral" rating for the company in a research note on Wednesday, October 14th. Wells Fargo & Company downgraded shares of Molson Coors Beverage from an "equal weight" rating to a "strong sell" rating and reduced their price target for the stock from $38.00 to $36.00 in a research report on Friday. TD Cowen decreased their price target on shares of Molson Coors Beverage from $43.00 to $37.00 and set a "hold" rating on the stock in a research note on Tuesday, October 13th. Finally, Deutsche Bank Aktiengesellschaft set a $41.00 price objective on Molson Coors Beverage in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $42.41.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock traded down $0.62 on Monday, reaching $39.71. The company's stock had a trading volume of 1,619,696 shares, compared to its average volume of 3,367,825. The company has a market capitalization of $8.32 billion, a P/E ratio of 8.45 and a beta of 0.45. Molson Coors Beverage has a 52-week low of $35.52 and a 52-week high of $54.82. The stock has a 50-day moving average price of $38.95 and a 200-day moving average price of $42.31. The company has a quick ratio of 0.60, a current ratio of 0.86 and a debt-to-equity ratio of 0.54.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.02. The firm had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.94 billion. Molson Coors Beverage had a return on equity of 8.92% and a net margin of 6.95%. The business's revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.67 EPS. Analysts expect that Molson Coors Beverage will post 4.48 EPS for the current year.

Institutional Investors Weigh In On Molson Coors Beverage

A number of large investors have recently modified their holdings of TAP. Dimensional Fund Advisors LP increased its holdings in Molson Coors Beverage by 10.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,363,157 shares of the company's stock valued at $360,117,000 after purchasing an additional 790,314 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Molson Coors Beverage by 16.4% during 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 in the last quarter. Nykredit A S acquired a new position in Molson Coors Beverage during the second quarter worth $58,423,000. Squarepoint Ops LLC boosted its position in shares of Molson Coors Beverage by 8.1% during the second quarter. Squarepoint Ops LLC now owns 1,190,275 shares of the company's stock worth $46,373,000 after buying an additional 89,398 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Molson Coors Beverage by 36.5% during the first quarter. Bank of America Corp DE now owns 1,187,921 shares of the company's stock worth $51,152,000 after buying an additional 317,387 shares during the period. Hedge funds and other institutional investors own 78.46% of the company's stock.

About Molson Coors Beverage

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