Barclays Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $49.00

Key Points

• Barclays has reduced its price target for Molson Coors Beverage from $53.00 to $49.00, indicating a potential downside of 2.53% from the current stock price.
• Other analysts, including JPMorgan Chase and Citigroup, have also lowered their targets and assigned a "neutral" rating to the stock.
• Molson Coors reported earnings of $2.05 per share for the last quarter, surpassing expectations, but revenue fell 1.6% compared to the same quarter last year.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price reduced by investment analysts at Barclays from $53.00 to $49.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's price objective would suggest a potential downside of 2.53% from the stock's current price.

Several other analysts also recently issued reports on TAP. JPMorgan Chase & Co. lowered their price target on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Citigroup reduced their price objective on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Bank of America cut Molson Coors Beverage from a "buy" rating to a "neutral" rating and lowered their price target for the company from $65.00 to $50.00 in a research note on Friday, June 27th. Needham & Company LLC dropped their price objective on Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating on the stock in a research note on Wednesday. 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 six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $58.05.

Molson Coors Beverage Stock Up 0.1%

Shares of TAP opened at $50.27 on Thursday. Molson Coors Beverage has a 12-month low of $46.94 and a 12-month high of $64.66. The firm has a fifty day moving average price of $50.06 and a 200-day moving average price of $55.21. The firm has a market capitalization of $10.16 billion, a P/E ratio of 9.90, a P/E/G ratio of 2.98 and a beta of 0.67. The company has a current ratio of 0.95, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.83 by $0.22. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%. The business had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the prior year, the business posted $1.92 EPS. The company's revenue was down 1.6% compared to the same quarter last year. Equities research analysts expect 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 business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director directly owned 27,595 shares in the company, valued at $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Molson Coors Beverage

Institutional investors have recently made changes to their positions in the business. Golden State Wealth Management LLC grew its holdings in shares of Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after purchasing an additional 290 shares in the last quarter. Millstone Evans Group LLC lifted its stake in shares of Molson Coors Beverage by 151.8% in the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock valued at $26,000 after buying an additional 255 shares in the last quarter. Elequin Capital LP bought a new position in shares of Molson Coors Beverage in the first quarter valued at approximately $30,000. Financial Management Professionals Inc. increased its stake in Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after buying an additional 493 shares during the last quarter. Finally, Eastern Bank bought a new stake in Molson Coors Beverage in the first quarter worth about $33,000. Institutional investors own 78.46% of the company's stock.

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.

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