Sanford C. Bernstein Issues Pessimistic Forecast for Molson Coors Beverage (NYSE:TAP) Stock Price

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price dropped by analysts at Sanford C. Bernstein from $65.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Sanford C. Bernstein's price target would suggest a potential upside of 10.42% from the stock's current price.

Several other equities research analysts also recently weighed in on the company. Bank of America downgraded Molson Coors Beverage from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $65.00 to $50.00 in a research report on Friday, June 27th. Wells Fargo & Company decreased their target price on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a research report on Wednesday, June 25th. Wall Street Zen downgraded Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. UBS Group decreased their target price on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Berenberg Bank started coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price target for the company. Thirteen analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $60.12.

Molson Coors Beverage Trading Up 0.5%

Shares of TAP traded up $0.26 during trading hours on Wednesday, hitting $49.81. The stock had a trading volume of 1,972,241 shares, compared to its average volume of 2,152,321. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. The firm has a market cap of $10.07 billion, a P/E ratio of 10.02, a P/E/G ratio of 2.74 and a beta of 0.69. The company's fifty day simple moving average is $52.17 and its 200 day simple moving average is $56.01. Molson Coors Beverage has a 12-month low of $46.94 and a 12-month high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly 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). The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The company's quarterly revenue was down 11.3% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. Equities research analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Insider Activity

In other news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the sale, the director owned 27,595 shares in the company, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.71% of the company's stock.

Hedge Funds Weigh In On Molson Coors Beverage

Several large investors have recently added to or reduced their stakes in the company. LSV Asset Management boosted its stake 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 valued at $387,711,000 after acquiring an additional 86,601 shares during the period. Clarkston Capital Partners LLC boosted its stake in Molson Coors Beverage by 0.7% in the first 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 during the period. Dimensional Fund Advisors LP boosted 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 boosted its stake 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 valued at $245,308,000 after acquiring an additional 54,867 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Molson Coors Beverage by 16.8% in the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock valued at $251,442,000 after acquiring an additional 595,203 shares during the period. 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.