Molson Coors Beverage (NYSE:TAP) Cut to "Neutral" at Bank of America

Molson Coors Beverage (NYSE:TAP - Get Free Report) was downgraded by equities researchers at Bank of America from a "buy" rating to a "neutral" rating in a report released on Friday, Marketbeat.com reports. They presently have a $50.00 price objective on the stock, down from their prior price objective of $65.00. Bank of America's price objective suggests a potential upside of 3.95% from the stock's current price.

Several other brokerages have also recently issued reports on TAP. Wells Fargo & Company decreased their target price on shares of Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday, June 25th. Barclays reduced their price target on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research report on Monday, May 12th. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the company a "buy" rating in a research report on Tuesday, May 20th. Piper Sandler reduced their target price on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a report on Monday, June 23rd. Finally, Wall Street Zen downgraded Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Twelve investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $60.46.

Molson Coors Beverage Stock Up 1.4%

Shares of TAP traded up $0.66 during mid-day trading on Friday, reaching $48.10. The company had a trading volume of 3,792,291 shares, compared to its average volume of 2,444,280. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. The company has a market capitalization of $9.72 billion, a price-to-earnings ratio of 9.68, a price-to-earnings-growth ratio of 1.78 and a beta of 0.72. The firm has a 50-day moving average price of $53.69 and a 200 day moving average price of $56.59. Molson Coors Beverage has a 52 week low of $46.94 and a 52 week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the firm posted $0.95 earnings per share. The company's revenue was down 11.3% compared to the same quarter last year. On average, sell-side analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current year.

Insider Activity

In related news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director now owns 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.71% of the company's stock.

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Voya Investment Management LLC grew its position in shares of Molson Coors Beverage by 0.9% during the first quarter. Voya Investment Management LLC now owns 54,875 shares of the company's stock valued at $3,340,000 after purchasing an additional 465 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Molson Coors Beverage during the 1st quarter valued at approximately $3,123,000. Geneos Wealth Management Inc. grew its holdings in shares of Molson Coors Beverage by 32.9% in the first quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock valued at $49,000 after purchasing an additional 198 shares in the last quarter. Intech Investment Management LLC raised its stake in Molson Coors Beverage by 107.5% during the first quarter. Intech Investment Management LLC now owns 64,636 shares of the company's stock valued at $3,934,000 after purchasing an additional 33,482 shares in the last quarter. Finally, Plato Investment Management Ltd purchased a new position in Molson Coors Beverage in the first quarter worth about $1,380,000. 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.