Sanford C. Bernstein Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $55.00

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price target lowered by analysts at Sanford C. Bernstein from $65.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "market perform" rating on the stock. Sanford C. Bernstein's price objective points to a potential upside of 9.92% from the stock's previous close.

Several other research firms also recently weighed in on TAP. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Wall Street Zen downgraded Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Piper Sandler dropped their price target on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research note on Monday, June 23rd. Wells Fargo & Company dropped their price target on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a research note on Wednesday, June 25th. Finally, UBS Group dropped their price target on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Thirteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $60.12.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock traded up $0.23 during trading hours on Wednesday, reaching $50.04. 1,782,019 shares of the stock traded hands, compared to its average volume of 2,153,682. The company has a 50 day moving average price of $52.02 and a 200 day moving average price of $55.93. The firm has a market capitalization of $10.12 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 2.76 and a beta of 0.69. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a one year low of $46.94 and a one year high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate 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 revenue was down 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. On average, equities research analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.71% of the company's stock.

Institutional Trading of Molson Coors Beverage

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Butensky & Cohen Financial Security Inc. increased its stake in Molson Coors Beverage by 2.1% in the second quarter. Butensky & Cohen Financial Security Inc. now owns 87,459 shares of the company's stock worth $4,206,000 after purchasing an additional 1,775 shares during the period. Assenagon Asset Management S.A. increased its stake in Molson Coors Beverage by 22.2% in the second quarter. Assenagon Asset Management S.A. now owns 67,023 shares of the company's stock worth $3,223,000 after purchasing an additional 12,166 shares during the period. IFM Investors Pty Ltd increased its stake in Molson Coors Beverage by 32.5% in the second quarter. IFM Investors Pty Ltd now owns 42,898 shares of the company's stock worth $2,063,000 after purchasing an additional 10,519 shares during the period. Fulton Bank N.A. purchased a new stake in Molson Coors Beverage in the second quarter worth $215,000. Finally, Procyon Advisors LLC increased its stake in Molson Coors Beverage by 92.0% in the second quarter. Procyon Advisors LLC now owns 31,409 shares of the company's stock worth $1,510,000 after purchasing an additional 15,051 shares during the period. Hedge funds and other institutional investors own 78.46% of the company's stock.

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.