Molson Coors Beverage (NYSE:TAP) Price Target Cut to $55.00 by Analysts at Sanford C. Bernstein

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price lowered by equities research 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 target price indicates a potential upside of 10.93% from the stock's previous close.

Other equities analysts also recently issued reports about the company. Morgan Stanley dropped their price objective on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Bank of America downgraded Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $65.00 to $50.00 in a research report on Friday, June 27th. 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 report on Monday, June 23rd. Berenberg Bank started 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. Finally, Wall Street Zen downgraded Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Thirteen investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $60.12.

Molson Coors Beverage Price Performance

Shares of TAP traded up $0.20 during mid-day trading on Wednesday, hitting $49.58. The company's stock had a trading volume of 2,234,658 shares, compared to its average volume of 2,150,095. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. The firm has a 50-day simple moving average of $52.48 and a 200 day simple moving average of $56.11. The firm has a market capitalization of $10.02 billion, a P/E ratio of 9.98, a P/E/G ratio of 2.69 and a beta of 0.69. Molson Coors Beverage has a 1-year low of $46.94 and a 1-year high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted 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 business had revenue of $2.30 billion during 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 firm's quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 earnings per share. Analysts predict that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Insider Activity at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business'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 owned 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.71% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Golden State Wealth Management LLC lifted its stake in shares of Molson Coors Beverage by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after acquiring an additional 290 shares in the last quarter. Millstone Evans Group LLC lifted its stake in shares of Molson Coors Beverage by 151.8% in the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock worth $26,000 after acquiring an additional 255 shares in the last quarter. Elequin Capital LP bought a new stake in Molson Coors Beverage in the first quarter valued at about $30,000. Financial Management Professionals Inc. increased its holdings in Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after buying an additional 493 shares during the last quarter. Finally, Eastern Bank bought a new stake in Molson Coors Beverage in the first quarter valued at about $33,000. Institutional investors and hedge funds 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.