Molson Coors Beverage (NYSE:TAP) Price Target Lowered to $35.00 at BNP Paribas Exane

Key Points

• BNP Paribas Exane cut its price target on Molson Coors Beverage to $35 from $36 and kept an underperform rating, implying about 9.2% downside from the current price.
• The stock traded lower at $38.56, near its 52-week low, while broader analyst sentiment remains cautious with a consensus Hold and average target price of $45.
• Molson Coors recently posted better-than-expected earnings of $0.62 per share on revenue of $2.35 billion, but insider activity was mixed, with one director selling shares and another buying shares.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price objective reduced by equities research analysts at BNP Paribas Exane from $36.00 to $35.00 in a report issued on Wednesday,MarketScreener reports. The brokerage currently has an "underperform" rating on the stock. BNP Paribas Exane's price target would indicate a potential downside of 9.23% from the stock's current price.

A number of other analysts have also recently weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Molson Coors Beverage from $45.00 to $43.00 and set a "neutral" rating for the company in a research note on Monday, April 27th. Jefferies Financial Group lowered their target price on shares of Molson Coors Beverage from $45.00 to $43.00 and set a "hold" rating on the stock in a research note on Monday, April 20th. Piper Sandler dropped their target price on shares of Molson Coors Beverage from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Thursday, February 19th. Roth Mkm set a $58.00 target price on shares of Molson Coors Beverage in a research report on Thursday, February 19th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Molson Coors Beverage in a report on Friday, March 27th. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of "Hold" and a consensus target price of $45.00.

Molson Coors Beverage Stock Down 0.9%

Shares of NYSE TAP traded down $0.35 during mid-day trading on Wednesday, reaching $38.56. 442,983 shares of the company traded hands, compared to its average volume of 3,118,477. 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 stock has a market cap of $7.23 billion, a PE ratio of -3.62 and a beta of 0.41. The company's fifty day moving average is $42.62 and its two-hundred day moving average is $45.88. Molson Coors Beverage has a fifty-two week low of $38.35 and a fifty-two week high of $54.82.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Molson Coors Beverage

Several hedge funds have recently made changes to their positions in TAP. Dodge & Cox increased its stake in Molson Coors Beverage by 29.4% during the third quarter. Dodge & Cox now owns 18,631,224 shares of the company's stock valued at $843,063,000 after acquiring an additional 4,235,029 shares during the period. Norges Bank bought a new stake in shares of Molson Coors Beverage in the 4th quarter worth approximately $125,755,000. Goldman Sachs Group Inc. grew its holdings in shares of Molson Coors Beverage by 265.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,922,022 shares of the company's stock worth $136,400,000 after purchasing an additional 2,122,085 shares in the last quarter. State Street Corp grew its holdings in shares of Molson Coors Beverage by 19.2% during the 3rd quarter. State Street Corp now owns 10,516,810 shares of the company's stock worth $475,886,000 after purchasing an additional 1,693,682 shares in the last quarter. Finally, Royal London Asset Management Ltd. increased its position in shares of Molson Coors Beverage by 317.9% during the second quarter. Royal London Asset Management Ltd. now owns 2,044,028 shares of the company's stock valued at $98,297,000 after purchasing an additional 1,554,851 shares during the period. Institutional investors own 78.46% of the company's stock.

About Molson Coors Beverage

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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