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

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its target price reduced by investment analysts at Wells Fargo & Company from $65.00 to $58.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would indicate a potential upside of 22.70% from the stock's previous close.

Several other research analysts have also recently issued reports on the company. Needham & Company LLC decreased their price target on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Morgan Stanley reduced their price objective on shares of 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. 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. Piper Sandler lowered their target price on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday. Finally, Barclays reduced their price target on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $61.79.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP traded down $0.95 during trading on Wednesday, hitting $47.27. 2,772,596 shares of the company traded hands, compared to its average volume of 2,123,917. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 1.79 and a beta of 0.72. Molson Coors Beverage has a one year low of $47.07 and a one year high of $64.66. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. The business's fifty day moving average is $54.37 and its 200-day moving average is $56.92.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The business's quarterly revenue was down 11.3% on a year-over-year basis. As a group, equities analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Molson Coors Beverage

In related 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 value of $75,034.57. Following the transaction, the director now owns 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.71% of the stock is owned by corporate insiders.

Institutional Trading of Molson Coors Beverage

Institutional investors and hedge funds have recently bought and sold shares of the stock. Voya Investment Management LLC increased its position in shares of Molson Coors Beverage by 0.9% in the first quarter. Voya Investment Management LLC now owns 54,875 shares of the company's stock worth $3,340,000 after acquiring an additional 465 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Molson Coors Beverage in the 1st quarter worth approximately $3,123,000. Geneos Wealth Management Inc. grew its position in Molson Coors Beverage by 32.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock worth $49,000 after purchasing an additional 198 shares in the last quarter. Intech Investment Management LLC grew its position in Molson Coors Beverage by 107.5% during the 1st quarter. Intech Investment Management LLC now owns 64,636 shares of the company's stock worth $3,934,000 after purchasing an additional 33,482 shares in the last quarter. Finally, Plato Investment Management Ltd acquired a new stake in Molson Coors Beverage during the 1st quarter valued at $1,380,000. 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.