JPMorgan Chase & Co. Has Lowered Expectations for Molson Coors Beverage (NYSE:TAP) Stock Price

Key Points

• JPMorgan Chase & Co. has reduced the price target for Molson Coors Beverage stock from $62.00 to $53.00, maintaining a "neutral" rating.
• Other analysts have also downgraded their price objectives, with Citigroup lowering theirs to $51.00, and a consensus price target now standing at $58.87.
• Shares of Molson Coors Beverage recently fell by 1.2%, closing at $48.74, and have experienced a 12-month high of $64.66 and a low of $46.94.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price target dropped by equities research analysts at JPMorgan Chase & Co. from $62.00 to $53.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 8.74% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Citigroup dropped their price objective on Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Berenberg Bank initiated coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price objective on the stock. Barclays reduced their target price on shares of Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 15th. Piper Sandler dropped their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday, June 23rd. Finally, UBS Group reduced their price objective on shares of Molson Coors Beverage from $59.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, July 17th. Twelve investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $58.87.

Molson Coors Beverage Stock Down 1.2%

Shares of NYSE TAP traded down $0.58 during trading on Thursday, hitting $48.74. The stock had a trading volume of 4,733,199 shares, compared to its average volume of 2,428,908. Molson Coors Beverage has a 12 month low of $46.94 and a 12 month high of $64.66. The company has a market capitalization of $9.85 billion, a PE ratio of 9.81, a PEG ratio of 3.04 and a beta of 0.69. The firm has a fifty day moving average of $50.55 and a two-hundred day moving average of $55.40. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59.

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

Insider Activity

In related news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director directly owned 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.71% of the company's stock.

Institutional Investors Weigh In On Molson Coors Beverage

Several hedge funds have recently added to or reduced their stakes in the company. Randolph Co Inc grew its position in Molson Coors Beverage by 26.2% during the fourth quarter. Randolph Co Inc now owns 477,187 shares of the company's stock valued at $27,352,000 after acquiring an additional 98,984 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Molson Coors Beverage by 14.7% in the first quarter. Principal Financial Group Inc. now owns 238,178 shares of the company's stock worth $14,498,000 after purchasing an additional 30,463 shares during the last quarter. Kendall Capital Management increased its holdings in shares of Molson Coors Beverage by 42.7% in the first quarter. Kendall Capital Management now owns 19,995 shares of the company's stock worth $1,217,000 after buying an additional 5,985 shares during the period. Estuary Capital Management LP purchased a new position in Molson Coors Beverage in the 4th quarter worth approximately $39,052,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Molson Coors Beverage by 7.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,330 shares of the company's stock valued at $1,352,000 after purchasing an additional 1,606 shares during the last quarter. 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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