Bank of America Trims Molson Coors Beverage (NYSE:TAP) Target Price to $62.00

Molson Coors Beverage (NYSE:TAP) had its price objective reduced by Bank of America from $72.00 to $62.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target suggests a potential upside of 7.27% from the stock’s current price.

Several other brokerages also recently issued reports on TAP. JPMorgan Chase & Co. cut their price target on shares of Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating for the company in a report on Wednesday. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. StockNews.com upgraded Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. Citigroup downgraded Molson Coors Beverage from a “neutral” rating to a “sell” rating and cut their price objective for the company from $66.00 to $56.00 in a research report on Wednesday, April 24th. Finally, Barclays increased their target price on Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $65.53.

Molson Coors Beverage Trading Up 1.3 %

Shares of TAP opened at $57.80 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a market cap of $12.29 billion, a PE ratio of 11.56, a PEG ratio of 1.98 and a beta of 0.86. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90. The stock has a 50 day simple moving average of $64.96 and a 200-day simple moving average of $62.36.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.21. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. During the same period in the prior year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts predict that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Insider Activity

In related news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Molson Coors Beverage

A number of hedge funds and other institutional investors have recently bought and sold shares of TAP. Central Pacific Bank Trust Division acquired a new stake in shares of Molson Coors Beverage in the first quarter valued at approximately $498,000. FinTrust Capital Advisors LLC lifted its position in Molson Coors Beverage by 2.2% during the 1st quarter. FinTrust Capital Advisors LLC now owns 21,938 shares of the company’s stock worth $1,475,000 after buying an additional 477 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Molson Coors Beverage by 32.9% during the 1st quarter. Daiwa Securities Group Inc. now owns 25,962 shares of the company’s stock worth $1,746,000 after buying an additional 6,433 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Molson Coors Beverage by 153.7% during the 1st quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock worth $1,730,000 after buying an additional 15,648 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Molson Coors Beverage by 11.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,855 shares of the company’s stock valued at $4,899,000 after acquiring an additional 7,557 shares in the last quarter. Institutional investors and hedge funds 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.