Piper Sandler Issues Pessimistic Forecast for Molson Coors Beverage (NYSE:TAP) Stock Price

Key Points

• Piper Sandler cut its Molson Coors price target from $44 to $43 and maintained a neutral rating, implying just 1.77% upside from the prior close.
• Analyst sentiment is broadly cautious: MarketBeat reports an average “Reduce” rating and a $42.88 average price target, with six Sell, nine Hold, and three Buy ratings.
• Molson Coors slightly beat quarterly EPS expectations ($1.46 vs. $1.44), but revenue missed forecasts and fell 1.6% year over year to $2.93 billion; EPS was also down from $1.67 a year earlier.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price reduced by analysts at Piper Sandler from $44.00 to $43.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Piper Sandler's price target indicates a potential upside of 1.77% from the stock's previous close.

A number of other research analysts have also weighed in on TAP. Barclays dropped their price target on shares of Molson Coors Beverage from $41.00 to $36.00 and set an "underweight" rating on the stock in a research report on Friday, October 16th. TD Cowen decreased their price objective on shares of Molson Coors Beverage from $43.00 to $37.00 and set a "hold" rating for the company in a research note on Tuesday, October 13th. JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $42.00 to $41.00 and set a "neutral" rating on the stock in a research note on Monday, October 26th. UBS Group upped their target price on Molson Coors Beverage from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft set a $41.00 price target on Molson Coors Beverage in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $42.88.

Molson Coors Beverage Stock Performance

TAP opened at $42.25 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.72 and a current ratio of 0.88. The business's 50-day simple moving average is $38.98 and its 200 day simple moving average is $42.36. Molson Coors Beverage has a 52-week low of $35.52 and a 52-week high of $54.82. The firm has a market capitalization of $8.85 billion, a PE ratio of -3.66 and a beta of 0.45.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.02. Molson Coors Beverage had a negative net margin of 17.83% and a positive return on equity of 9.46%. The business had revenue of $2.93 billion for the quarter, compared to analysts' expectations of $2.94 billion. During the same quarter last year, the firm earned $1.67 EPS. The firm's revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, sell-side analysts expect that Molson Coors Beverage will post 4.77 earnings per share for the current fiscal year.

Institutional Trading of Molson Coors Beverage

Hedge funds and other institutional investors have recently modified their holdings of the business. Fifth Third Bancorp boosted its stake in shares of Molson Coors Beverage by 29.6% during the third quarter. Fifth Third Bancorp now owns 70,902 shares of the company's stock valued at $2,586,000 after purchasing an additional 16,179 shares in the last quarter. Maryland State Retirement & Pension System raised its stake in Molson Coors Beverage by 444.1% in the third quarter. Maryland State Retirement & Pension System now owns 43,456 shares of the company's stock worth $1,585,000 after buying an additional 35,469 shares in the last quarter. Jacobi Capital Management LLC bought a new position in Molson Coors Beverage in the third quarter worth approximately $25,000. AMG National Trust Bank lifted its holdings in Molson Coors Beverage by 0.7% during the third quarter. AMG National Trust Bank now owns 327,504 shares of the company's stock worth $11,944,000 after buying an additional 2,229 shares during the period. Finally, M&G PLC lifted its holdings in Molson Coors Beverage by 5.2% during the third quarter. M&G PLC now owns 484,533 shares of the company's stock worth $17,443,000 after buying an additional 23,852 shares during the period. Institutional investors own 78.46% of the company's stock.

About Molson Coors Beverage

Molson Coors Beverage Company is a global beverage company best known for brewing and marketing beer. Its portfolio includes widely recognized brands such as Coors, Coors Light, Miller Lite, Miller High Life, Molson Canadian, Carling, Blue Moon, Staropramen and Peroni Nastro Azzurro, along with hard seltzers, flavored alcoholic beverages and other adjacent products.

The company serves consumers through a broad network of breweries, distributors and retailers across North America, Europe and other international markets.

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