Piper Sandler Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $53.00

Molson Coors Beverage (NYSE:TAP) had its price target lowered by equities researchers at Piper Sandler from $58.00 to $53.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 9.84% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Saturday, May 17th. 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 report on Monday, May 12th. UBS Group cut their price objective on shares of Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Berenberg Bank initiated coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price target on the stock. Finally, Roth Capital set a $71.00 price objective on shares of Molson Coors Beverage and gave the company a “buy” rating in a research note on Tuesday, May 20th. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $62.86.

Molson Coors Beverage Price Performance

Shares of TAP stock opened at $48.25 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The firm’s 50-day moving average is $54.37 and its two-hundred day moving average is $56.92. Molson Coors Beverage has a 12 month low of $47.41 and a 12 month high of $64.66. The company has a market capitalization of $9.75 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 1.79 and a beta of 0.72.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. Molson Coors Beverage’s revenue for the quarter was down 11.3% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. Analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Insider Transactions at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The shares were 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 in the company, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.71% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. LSV Asset Management raised its stake in shares of Molson Coors Beverage by 1.4% during the first quarter. LSV Asset Management now owns 6,369,498 shares of the company’s stock valued at $387,711,000 after purchasing an additional 86,601 shares during the period. Clarkston Capital Partners LLC boosted its holdings in Molson Coors Beverage by 0.7% in the first quarter. Clarkston Capital Partners LLC now owns 4,553,212 shares of the company’s stock worth $277,154,000 after purchasing an additional 33,535 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Molson Coors Beverage by 20.0% in the first quarter. Dimensional Fund Advisors LP now owns 4,503,879 shares of the company’s stock worth $274,144,000 after purchasing an additional 750,388 shares during the period. Geode Capital Management LLC boosted its holdings in Molson Coors Beverage by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock worth $245,308,000 after purchasing an additional 54,867 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Molson Coors Beverage by 16.8% in the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company’s stock valued at $251,442,000 after buying an additional 595,203 shares during the last quarter. Hedge funds and other institutional investors 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.