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

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

Several other research firms have also recently weighed in on TAP. Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Berenberg Bank initiated coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price objective for the company. Morgan Stanley lowered their price objective on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the company a "buy" rating in a research note on Tuesday, May 20th. Finally, Piper Sandler decreased their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research report on Monday, June 23rd. Thirteen research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $60.12.

Molson Coors Beverage Stock Up 0.5%

Shares of NYSE TAP traded up $0.23 during mid-day trading on Wednesday, reaching $50.04. 1,782,019 shares of the company traded hands, compared to its average volume of 2,150,845. The company's fifty day moving average is $52.17 and its two-hundred day moving average is $56.01. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. Molson Coors Beverage has a fifty-two week low of $46.94 and a fifty-two week high of $64.66. The stock has a market cap of $10.12 billion, a PE ratio of 10.07, a price-to-earnings-growth ratio of 2.74 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company 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 revenue for the quarter was down 11.3% on a year-over-year basis. During the same quarter last year, the business earned $0.95 EPS. On average, analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Insider Transactions at Molson Coors Beverage

In other 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 transaction of $75,034.57. Following the sale, the director owned 27,595 shares of the company's stock, valued at $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.71% of the company's stock.

Institutional Investors Weigh In On Molson Coors Beverage

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Molson Coors Beverage during the fourth quarter worth about $142,407,000. Ameriprise Financial Inc. raised its holdings in shares of Molson Coors Beverage by 414.3% in the first quarter. Ameriprise Financial Inc. now owns 1,987,132 shares of the company's stock valued at $120,960,000 after purchasing an additional 1,600,748 shares during the last quarter. Fairfax Financial Holdings Ltd. Can bought a new stake in shares of Molson Coors Beverage in the fourth quarter worth $68,010,000. KBC Group NV boosted its holdings in Molson Coors Beverage by 269.1% during the first quarter. KBC Group NV now owns 1,237,539 shares of the company's stock worth $75,329,000 after purchasing an additional 902,296 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position 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 purchasing an additional 750,388 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

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.