Molson Coors Beverage (NYSE:TAP) Price Target Cut to $53.00 by Analysts at Piper Sandler

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price dropped by research analysts at Piper Sandler from $58.00 to $53.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 11.01% from the stock's current price.

Several other equities analysts have also commented on TAP. Morgan Stanley lowered their price target on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Barclays decreased 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 report on Monday, May 12th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. UBS Group decreased their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Needham & Company LLC reduced their price target on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $62.86.

Molson Coors Beverage Stock Down 0.6%

Shares of NYSE:TAP traded down $0.31 during mid-day trading on Monday, hitting $47.75. 968,526 shares of the company traded hands, compared to its average volume of 2,110,689. The firm has a market cap of $9.65 billion, a P/E ratio of 9.60, a PEG ratio of 1.79 and a beta of 0.72. The firm's 50 day simple moving average is $54.85 and its 200 day simple moving average is $57.07. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. Molson Coors Beverage has a 52-week low of $47.43 and a 52-week high of $64.66.

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

Insider Activity

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm's stock in a transaction dated 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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. LSV Asset Management lifted its position in Molson Coors Beverage by 1.4% in the first quarter. LSV Asset Management now owns 6,369,498 shares of the company's stock worth $387,711,000 after purchasing an additional 86,601 shares during the period. Clarkston Capital Partners LLC boosted its position in shares of Molson Coors Beverage by 0.7% during the 1st quarter. Clarkston Capital Partners LLC now owns 4,553,212 shares of the company's stock valued at $277,154,000 after acquiring an additional 33,535 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Molson Coors Beverage by 20.0% in the first quarter. Dimensional Fund Advisors LP now owns 4,503,879 shares of the company's stock valued at $274,144,000 after acquiring an additional 750,388 shares during the period. Geode Capital Management LLC raised its position in Molson Coors Beverage by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock worth $245,308,000 after purchasing an additional 54,867 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Molson Coors Beverage by 16.8% during the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock worth $251,442,000 after purchasing an additional 595,203 shares during the period. 78.46% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.