Molson Coors Beverage (NYSE:TAP) PT Lowered to $62.00

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price dropped by research analysts at Barclays from $67.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Barclays's price target suggests a potential upside of 7.27% from the stock's current price.

A number of other equities research analysts have also recently commented on TAP. StockNews.com upgraded shares of Molson Coors Beverage from a "hold" rating to a "buy" rating in a research note on Friday, April 12th. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and raised their target price for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Piper Sandler began coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They set a "neutral" rating and a $69.00 target price on the stock. TheStreet upgraded shares of Molson Coors Beverage from a "c" rating to a "b-" rating in a research note on Tuesday, February 13th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a "hold" rating in a report on Wednesday, April 17th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, Molson Coors Beverage has a consensus rating of "Hold" and a consensus target price of $65.53.

Molson Coors Beverage Stock Performance

TAP traded up $0.72 during midday trading on Thursday, hitting $57.80. 2,792,095 shares of the company traded hands, compared to its average volume of 1,760,894. The company has a quick ratio of 0.50, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $12.29 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 1.98 and a beta of 0.86. The company's 50-day moving average is $64.96 and its 200 day moving average is $62.36. Molson Coors Beverage has a 52 week low of $55.67 and a 52 week high of $70.90.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.21. The business had revenue of $2.60 billion for the quarter, compared to analysts' expectations of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 EPS. On average, research analysts expect that Molson Coors Beverage will post 5.66 EPS for the current year.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now directly owns 60,538 shares of the company's stock, valued at $3,654,679.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.71% of the stock is owned by insiders.

Institutional Trading of Molson Coors Beverage

Several institutional investors and hedge funds have recently made changes to their positions in TAP. AQR Capital Management LLC raised its holdings in shares of Molson Coors Beverage by 76.0% in the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company's stock valued at $218,168,000 after acquiring an additional 1,500,269 shares in the last quarter. Morgan Stanley raised its holdings in shares of Molson Coors Beverage by 40.2% in the third quarter. Morgan Stanley now owns 3,446,989 shares of the company's stock valued at $219,194,000 after acquiring an additional 988,864 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Molson Coors Beverage by 13.0% in the third quarter. Invesco Ltd. now owns 3,087,469 shares of the company's stock valued at $196,332,000 after acquiring an additional 355,694 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Molson Coors Beverage by 9,466.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company's stock valued at $131,211,000 after acquiring an additional 2,121,211 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Molson Coors Beverage in the fourth quarter valued at about $127,337,000. 78.46% of the stock is currently owned by institutional investors.

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.