Bank of America Downgrades Molson Coors Beverage (NYSE:TAP) to Neutral

Molson Coors Beverage (NYSE:TAP - Get Free Report) was downgraded by analysts at Bank of America from a "buy" rating to a "neutral" rating in a report issued on Friday,Finviz reports. They presently have a $50.00 price target on the stock. Bank of America's price objective points to a potential upside of 5.83% from the stock's current price.

A number of other equities research analysts also recently commented on the stock. Berenberg Bank started coverage on shares of Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price objective on the stock. UBS Group lowered their price target on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Barclays reduced their target price on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Piper Sandler cut their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a report on Monday. Finally, Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Twelve analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $60.46.

Molson Coors Beverage Stock Up 0.0%

NYSE TAP opened at $47.25 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. The firm has a market cap of $9.55 billion, a PE ratio of 9.51, a P/E/G ratio of 1.76 and a beta of 0.72. The business's fifty day simple moving average is $53.91 and its 200-day simple moving average is $56.75. Molson Coors Beverage has a 52 week low of $46.49 and a 52 week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The firm's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. As a group, equities analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was 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 $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.71% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TAP. Voya Investment Management LLC lifted its position in shares of Molson Coors Beverage by 0.9% during the 1st quarter. Voya Investment Management LLC now owns 54,875 shares of the company's stock worth $3,340,000 after purchasing an additional 465 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Molson Coors Beverage during the 1st quarter worth about $3,123,000. Geneos Wealth Management Inc. boosted its holdings in Molson Coors Beverage by 32.9% during 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 lifted its position in shares of Molson Coors Beverage by 107.5% during the 1st quarter. Intech Investment Management LLC now owns 64,636 shares of the company's stock worth $3,934,000 after buying an additional 33,482 shares during the period. Finally, Plato Investment Management Ltd acquired a new stake in Molson Coors Beverage in the 1st quarter valued at $1,380,000. Institutional investors own 78.46% of the company's stock.

Molson Coors Beverage Company Profile

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.

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