Wells Fargo & Company Issues Pessimistic Forecast for Molson Coors Beverage (NYSE:TAP) Stock Price

Key Points

• Wells Fargo cut its price target on Molson Coors Beverage from $45 to $43 and kept an equal weight rating, implying only modest upside from the prior close.
• Other analysts have also turned more cautious recently, including Bank of America downgrading the stock to underperform and several firms trimming targets; the overall consensus remains Hold with an average target price of $45.59.
• Despite the cautious outlook, Molson Coors recently posted better-than-expected quarterly results, with EPS of $0.62 versus a $0.36 estimate and revenue of $2.35 billion, while the stock traded around $41.48 on Monday.

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price target cut by stock analysts at Wells Fargo & Company from $45.00 to $43.00 in a report released on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 3.67% from the company's previous close.

Several other equities research analysts also recently weighed in on the stock. Bank of America downgraded shares of Molson Coors Beverage from a "neutral" rating to an "underperform" rating and decreased their price target for the company from $50.00 to $42.00 in a research note on Wednesday, February 25th. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Sunday. Evercore dropped their target price on shares of Molson Coors Beverage from $50.00 to $47.00 and set an "outperform" rating on the stock in a report on Tuesday, April 21st. Piper Sandler lowered their target price on shares of Molson Coors Beverage from $50.00 to $45.00 and set a "neutral" rating for the company in a report on Thursday, February 19th. Finally, Morgan Stanley dropped their target price on shares of Molson Coors Beverage from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and an average target price of $45.59.

Molson Coors Beverage Trading Up 1.6%

Molson Coors Beverage stock traded up $0.64 during mid-day trading on Monday, hitting $41.48. 204,514 shares of the stock were exchanged, compared to its average volume of 3,106,703. The stock has a market capitalization of $7.78 billion, a price-to-earnings ratio of -3.90 and a beta of 0.44. Molson Coors Beverage has a 12 month low of $40.64 and a 12 month high of $57.57. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38. The firm's fifty day simple moving average is $43.23 and its two-hundred day simple moving average is $46.14.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.26. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The company had revenue of $2.35 billion during the quarter, compared to analysts' expectations of $2.33 billion. During the same period in the prior year, the company posted $0.50 earnings per share. Molson Coors Beverage's revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts forecast that Molson Coors Beverage will post 4.74 EPS for the current year.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Andrew Thomas Molson bought 2,000 shares of the company's stock in a transaction dated Monday, March 9th. The shares were purchased at an average cost of $46.67 per share, for a total transaction of $93,340.00. Following the transaction, the director directly owned 24,654 shares of the company's stock, valued at approximately $1,150,602.18. The trade was a 8.83% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.27% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GoalVest Advisory LLC acquired a new stake in shares of Molson Coors Beverage in the fourth quarter worth approximately $25,000. SBI Securities Co. Ltd. boosted its position in Molson Coors Beverage by 84.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 534 shares of the company's stock worth $25,000 after acquiring an additional 244 shares during the last quarter. Root Financial Partners LLC purchased a new stake in Molson Coors Beverage during the 3rd quarter valued at about $25,000. Basepoint Wealth LLC acquired a new stake in Molson Coors Beverage in the 4th quarter valued at about $26,000. Finally, Smartleaf Asset Management LLC lifted its stake in Molson Coors Beverage by 64.2% in the 2nd quarter. Smartleaf Asset Management LLC now owns 565 shares of the company's stock worth $27,000 after purchasing an additional 221 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

About Molson Coors Beverage

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.

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