Molson Coors Beverage (NYSE:TAP) Given New $53.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has reduced its price target for Molson Coors Beverage from $58.00 to $53.00, maintaining an "equal weight" rating, suggesting a potential upside of 5.55% from the company's previous close.
• Several analysts have also lowered their price targets, with UBS Group and Bank of America setting their targets at $53.00 and $50.00 respectively, indicating a consensus rating of "Hold" for the stock.
• Molson Coors recently reported earnings of $2.05 per share for the quarter, exceeding estimates and reflecting a 1.6% year-over-year revenue decline to $3.20 billion.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price objective dropped by investment analysts at Morgan Stanley from $58.00 to $53.00 in a report released on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 5.55% from the company's previous close.

Several other research analysts have also weighed in on the stock. UBS Group cut their price objective on shares of Molson Coors Beverage from $59.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, July 17th. Needham & Company LLC dropped their price target on shares of Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating on the stock in a research report on Wednesday. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the company a "buy" rating in a research note on Tuesday, May 20th. Bank of America lowered Molson Coors Beverage from a "buy" rating to a "neutral" rating and cut their price target for the stock from $65.00 to $50.00 in a report on Friday, June 27th. Finally, Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note 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's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $58.29.

Molson Coors Beverage Price Performance

TAP traded up $1.00 during midday trading on Wednesday, hitting $50.22. 1,808,521 shares of the company traded hands, compared to its average volume of 2,460,162. Molson Coors Beverage has a 52-week low of $46.94 and a 52-week high of $64.66. The company has a market capitalization of $10.15 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 2.94 and a beta of 0.67. The business has a 50 day simple moving average of $50.11 and a two-hundred day simple moving average of $55.24. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.83 by $0.22. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The company had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the business posted $1.92 EPS. The firm's revenue was down 1.6% on a year-over-year basis. On average, equities analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Insider Transactions at Molson Coors Beverage

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 shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director owned 27,595 shares of the company's stock, valued at $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.71% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Golden State Wealth Management LLC raised its stake in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after purchasing an additional 290 shares during the last quarter. Millstone Evans Group LLC raised its position in shares of Molson Coors Beverage by 151.8% in the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock valued at $26,000 after acquiring an additional 255 shares during the period. Elequin Capital LP bought a new stake in Molson Coors Beverage during the 1st quarter worth approximately $30,000. Financial Management Professionals Inc. grew its stake in shares of Molson Coors Beverage by 3,286.7% during the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock worth $31,000 after acquiring an additional 493 shares in the last quarter. Finally, Eastern Bank acquired a new stake in Molson Coors Beverage during the 1st quarter valued at $33,000. 78.46% of the stock is owned by institutional investors and hedge funds.

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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