Wells Fargo & Company Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $58.00

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price target dropped by analysts at Wells Fargo & Company from $65.00 to $58.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 22.15% from the stock's current price.

TAP has been the topic of several other reports. Morgan Stanley dropped their price objective on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Needham & Company LLC dropped their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Piper Sandler dropped their price objective on 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. UBS Group dropped their target price on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Molson Coors Beverage has a consensus rating of "Hold" and a consensus target price of $60.46.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock traded up $0.24 during trading on Wednesday, hitting $47.48. 3,321,802 shares of the company's stock traded hands, compared to its average volume of 2,130,823. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. Molson Coors Beverage has a 1 year low of $46.94 and a 1 year high of $64.66. The stock has a market capitalization of $9.60 billion, a P/E ratio of 9.55, a PEG ratio of 1.76 and a beta of 0.72. The business has a 50-day simple moving average of $53.69 and a 200-day simple moving average of $56.65.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings data 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 business had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period last year, the business earned $0.95 earnings per share. The company's quarterly revenue was down 11.3% on a year-over-year basis. As a group, analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current year.

Insider Activity

In other news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage 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 transaction, the director now directly owns 27,595 shares of the company's stock, valued at $1,553,322.55. The trade was a 4.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.71% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Golden State Wealth Management LLC lifted its position in shares of Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after buying an additional 290 shares in the last quarter. Millstone Evans Group LLC lifted its position in shares of Molson Coors Beverage by 151.8% during the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock valued at $26,000 after buying an additional 255 shares in the last quarter. Elequin Capital LP purchased a new position in shares of Molson Coors Beverage during the 1st quarter valued at about $30,000. Financial Management Professionals Inc. lifted its position in shares of Molson Coors Beverage by 3,286.7% during the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after buying an additional 493 shares in the last quarter. Finally, Eastern Bank bought a new stake in Molson Coors Beverage during the 1st quarter valued at approximately $33,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

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.