Molson Coors Beverage (NYSE:TAP) Downgraded by Sanford C. Bernstein to “Market Perform”

Molson Coors Beverage (NYSE:TAPGet Rating) was downgraded by investment analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday, The Fly reports.

A number of other research analysts also recently issued reports on the stock. Citigroup boosted their price objective on shares of Molson Coors Beverage from $58.00 to $61.00 in a research report on Friday, May 6th. TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Wednesday, February 23rd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Molson Coors Beverage from $49.00 to $51.00 in a research report on Wednesday, April 27th. StockNews.com started coverage on shares of Molson Coors Beverage in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Morgan Stanley boosted their price objective on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “equal weight” rating in a research report on Thursday, February 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and an average target price of $56.00.

Shares of NYSE TAP opened at $56.76 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.81 and a debt-to-equity ratio of 0.48. Molson Coors Beverage has a 52 week low of $42.46 and a 52 week high of $61.48. The firm’s fifty day moving average is $53.41 and its 200 day moving average is $49.77. The company has a market cap of $12.31 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 2.95 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAPGet Rating) last issued its earnings results on Tuesday, May 3rd. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.19 by $0.10. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.14 billion. Molson Coors Beverage had a net margin of 8.36% and a return on equity of 7.12%. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 earnings per share. Equities research analysts anticipate that Molson Coors Beverage will post 4 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in TAP. Amundi Pioneer Asset Management Inc. boosted its stake in Molson Coors Beverage by 19.9% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 247,248 shares of the company’s stock worth $14,749,000 after purchasing an additional 41,054 shares in the last quarter. Morgan Stanley boosted its stake in Molson Coors Beverage by 12.3% in the 2nd quarter. Morgan Stanley now owns 1,588,230 shares of the company’s stock worth $85,272,000 after purchasing an additional 173,457 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Molson Coors Beverage by 1.6% in the 3rd quarter. Principal Financial Group Inc. now owns 236,706 shares of the company’s stock worth $10,978,000 after purchasing an additional 3,724 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Molson Coors Beverage by 20.7% in the 3rd quarter. Teacher Retirement System of Texas now owns 30,198 shares of the company’s stock worth $1,401,000 after purchasing an additional 5,173 shares in the last quarter. Finally, Forsta AP Fonden bought a new position in Molson Coors Beverage in the 3rd quarter worth about $2,973,000. Institutional investors own 79.62% of the company’s stock.

Molson Coors Beverage Company Profile (Get Rating)

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, Middle East, Africa, and Asia Pacific. It offers flavored malt beverages, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020.

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