UBS Group Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $53.00

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price dropped by stock analysts at UBS Group from $59.00 to $53.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. UBS Group's target price suggests a potential upside of 6.15% from the stock's current price.

A number of other research analysts also recently weighed in on the company. Morgan Stanley reduced their target price on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Barclays decreased their price objective on Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating on the stock in a report on Tuesday. Berenberg Bank initiated coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 target price for the company. Bank of America downgraded Molson Coors Beverage from a "buy" rating to a "neutral" rating and cut their price objective for the company from $65.00 to $50.00 in a research report on Friday, June 27th. Finally, Piper Sandler dropped their target price 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. Thirteen research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage has an average rating of "Hold" and a consensus target price of $59.12.

Molson Coors Beverage Price Performance

TAP stock traded up $0.25 during trading hours on Thursday, hitting $49.93. 344,798 shares of the stock traded hands, compared to its average volume of 2,144,923. The stock has a 50-day simple moving average of $51.56 and a 200 day simple moving average of $55.76. Molson Coors Beverage has a one year low of $46.94 and a one year high of $64.66. The company has a market cap of $10.09 billion, a P/E ratio of 10.04, a P/E/G ratio of 2.72 and a beta of 0.69. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46.

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

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm's 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 transaction, the director owned 27,595 shares in the company, valued at $1,553,322.55. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.71% of the company's stock.

Hedge Funds Weigh In On Molson Coors Beverage

A number of hedge funds have recently added to or reduced their stakes in the stock. DoubleLine ETF Adviser LP boosted its holdings in shares of Molson Coors Beverage by 1.7% during the 4th quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock valued at $590,000 after acquiring an additional 170 shares in the last quarter. Twin Capital Management Inc. boosted its holdings in shares of Molson Coors Beverage by 0.7% during the 1st quarter. Twin Capital Management Inc. now owns 24,791 shares of the company's stock valued at $1,509,000 after acquiring an additional 180 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Molson Coors Beverage by 32.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock valued at $49,000 after acquiring an additional 198 shares in the last quarter. ProShare Advisors LLC boosted its holdings in shares of Molson Coors Beverage by 0.4% during the 4th quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock valued at $2,809,000 after acquiring an additional 206 shares in the last quarter. Finally, Signet Financial Management LLC boosted its holdings in shares of Molson Coors Beverage by 3.7% during the 2nd quarter. Signet Financial Management LLC now owns 5,757 shares of the company's stock valued at $277,000 after acquiring an additional 208 shares in the last quarter. Institutional investors own 78.46% of the company's stock.

Molson Coors Beverage Company Profile

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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