Molson Coors Beverage (NYSE:TAP) Hits New 12-Month Low on Analyst Downgrade

Molson Coors Beverage Company (NYSE:TAP - Get Free Report)'s share price reached a new 52-week low on Monday after Wells Fargo & Company lowered their price target on the stock from $65.00 to $58.00. Wells Fargo & Company currently has an overweight rating on the stock. Molson Coors Beverage traded as low as $47.41 and last traded at $47.79, with a volume of 246183 shares. The stock had previously closed at $48.05.

Several other equities analysts have also recently issued reports on the company. Needham & Company LLC reduced their target price on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Barclays reduced their target price on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. UBS Group dropped their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Piper Sandler dropped their price objective 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. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $61.79.

Insiders Place Their Bets

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 value of $75,034.57. Following the transaction, the director now directly owns 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Molson Coors Beverage

Institutional investors and hedge funds have recently made changes to their positions in the business. DoubleLine ETF Adviser LP grew its position in shares of Molson Coors Beverage by 1.7% during the 4th quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock valued at $590,000 after acquiring an additional 170 shares during the period. Twin Capital Management Inc. raised its stake in shares of Molson Coors Beverage by 0.7% in the first quarter. Twin Capital Management Inc. now owns 24,791 shares of the company's stock worth $1,509,000 after buying an additional 180 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Molson Coors Beverage by 32.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock valued at $49,000 after buying an additional 198 shares in the last quarter. Truvestments Capital LLC grew its stake in shares of Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after acquiring an additional 202 shares during the period. Finally, SRS Capital Advisors Inc. increased its holdings in Molson Coors Beverage by 38.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company's stock worth $42,000 after acquiring an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Molson Coors Beverage Stock Performance

The company has a market cap of $9.55 billion, a P/E ratio of 9.51, a PEG ratio of 1.76 and a beta of 0.72. The business's 50 day simple moving average is $53.91 and its 200 day simple moving average is $56.75. 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 released its 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). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The firm had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the firm posted $0.95 EPS. The firm's quarterly revenue was down 11.3% compared to the same quarter last year. Sell-side analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.98%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

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.