Molson Coors Beverage (NYSE:TAP) Price Target Cut to $45.00 by Analysts at Sanford C. Bernstein

Key Points

• Sanford C. Bernstein cut Molson Coors Beverage’s price target from $74 to $45 while keeping a market perform rating, implying about 9.8% upside from the prior close.
• The stock has drawn a mixed analyst view overall, with multiple firms lowering targets or downgrading ratings; MarketBeat shows a consensus Hold and an average target price of $45.29.
• Molson Coors recently beat quarterly expectations, reporting $0.62 EPS versus $0.36 expected and $2.35 billion in revenue, even as the shares traded near their 52-week low around $40.98.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price objective dropped by analysts at Sanford C. Bernstein from $74.00 to $45.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The brokerage presently has a "market perform" rating on the stock. Sanford C. Bernstein's price target would suggest a potential upside of 9.81% from the stock's previous close.

Several other research firms have also issued reports on TAP. Zacks Research raised shares of Molson Coors Beverage from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. JPMorgan Chase & Co. reduced their target price on shares of Molson Coors Beverage from $45.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, April 27th. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Evercore reduced their target price on shares of Molson Coors Beverage from $50.00 to $47.00 and set an "outperform" rating for the company in a report on Tuesday, April 21st. Finally, TD Cowen reduced their target price on shares of Molson Coors Beverage from $47.00 to $43.00 and set a "hold" rating for the company in a report on Friday, February 20th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $45.29.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP traded down $1.57 during midday trading on Tuesday, hitting $40.98. 586,319 shares of the company's stock traded hands, compared to its average volume of 3,096,510. Molson Coors Beverage has a 1 year low of $40.64 and a 1 year high of $54.82. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of -3.85 and a beta of 0.44. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54. The firm has a fifty day moving average of $42.83 and a 200 day moving average of $46.07.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.26. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.33 billion. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 EPS. On average, analysts forecast that Molson Coors Beverage will post 4.74 earnings per share for the current year.

Insider Activity at Molson Coors Beverage

In other Molson Coors Beverage news, Director Andrew Thomas Molson purchased 2,000 shares of the company's stock in a transaction on Monday, March 9th. The stock was acquired at an average cost of $46.67 per share, for a total transaction of $93,340.00. Following the purchase, the director directly owned 24,654 shares of the company's stock, valued at $1,150,602.18. This trade represents a 8.83% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Geoffrey E. Molson sold 1,245 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the transaction, the director owned 9,871 shares of the company's stock, valued at $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.27% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its stake in Molson Coors Beverage by 32.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock worth $49,000 after purchasing an additional 198 shares during the period. UMB Bank n.a. boosted its stake in Molson Coors Beverage by 16.5% in the 4th quarter. UMB Bank n.a. now owns 1,467 shares of the company's stock worth $68,000 after purchasing an additional 208 shares during the period. New York Life Investment Management LLC boosted its stake in Molson Coors Beverage by 0.9% in the 4th quarter. New York Life Investment Management LLC now owns 22,904 shares of the company's stock worth $1,069,000 after purchasing an additional 210 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Molson Coors Beverage by 64.2% during the 2nd quarter. Smartleaf Asset Management LLC now owns 565 shares of the company's stock valued at $27,000 after acquiring an additional 221 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its position in shares of Molson Coors Beverage by 84.1% during the 4th quarter. SBI Securities Co. Ltd. now owns 534 shares of the company's stock valued at $25,000 after acquiring an additional 244 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.

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