The Goldman Sachs Group Has Lowered Expectations for Molson Coors Beverage (NYSE:TAP) Stock Price

Key Points

• The Goldman Sachs Group has lowered its target price for Molson Coors Beverage (NYSE:TAP) from $77.00 to $67.00, while still maintaining a "buy" rating for the stock, indicating a potential upside of 33.80% from its previous close.
• Several other analysts have also adjusted their price targets, with Citigroup lowering theirs to $51.00 and JPMorgan Chase to $53.00, reflecting a broader trend of reduced expectations for the stock.
• Molson Coors Beverage recently reported **earnings per share** of $2.05 for the last quarter, surpassing analyst estimates, but its quarterly revenue showed a 1.6% decline compared to the same period last year.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price lowered by The Goldman Sachs Group from $77.00 to $67.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. The Goldman Sachs Group's price objective points to a potential upside of 33.80% from the company's previous close.

Several other research analysts have also issued reports on TAP. Citigroup decreased their price target on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. JPMorgan Chase & Co. decreased their price target on shares of Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, July 31st. 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. Finally, Needham & Company LLC decreased their price objective on shares of Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating for the company in a research note on Wednesday. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $58.64.

Molson Coors Beverage Price Performance

Shares of NYSE TAP traded up $0.85 during mid-day trading on Wednesday, reaching $50.07. 580,842 shares of the company traded hands, compared to its average volume of 2,451,166. Molson Coors Beverage has a fifty-two week low of $46.94 and a fifty-two week high of $64.66. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The firm has a market cap of $10.12 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 2.94 and a beta of 0.67. The stock has a fifty day simple moving average of $50.11 and a 200-day simple moving average of $55.24.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.22. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.12 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 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.92 earnings per share. Equities research analysts anticipate 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 firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director owned 27,595 shares in the company, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.71% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Golden State Wealth Management LLC raised its holdings in Molson Coors Beverage by 230.2% in the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after acquiring an additional 290 shares during the period. Millstone Evans Group LLC raised its holdings in Molson Coors Beverage by 151.8% in the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock worth $26,000 after acquiring an additional 255 shares during the period. Elequin Capital LP bought a new position in Molson Coors Beverage in the 1st quarter worth $30,000. Financial Management Professionals Inc. raised its holdings in Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock worth $31,000 after acquiring an additional 493 shares during the period. Finally, Eastern Bank bought a new position in shares of Molson Coors Beverage during the 1st quarter worth about $33,000. 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.

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