Molson Coors Beverage (NYSE:TAP – Get Free Report) had its target price cut by stock analysts at Wells Fargo & Company from $65.00 to $58.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 22.76% from the company’s current price.
Several other analysts have also recently commented on TAP. Morgan Stanley decreased their target price on Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, May 9th. Needham & Company LLC lowered their price objective on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Barclays dropped their target price 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. Berenberg Bank started 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 Molson Coors Beverage and gave the stock a “buy” rating in a report on Tuesday, May 20th. Eleven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.79.
Check Out Our Latest Analysis on TAP
Molson Coors Beverage Trading Up 0.0%
Molson Coors Beverage (NYSE:TAP – Get Free Report) last released 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). The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business’s revenue was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 earnings per share. On average, sell-side analysts predict that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.
Insider Buying and Selling at Molson Coors Beverage
In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director now owns 27,595 shares in the company, valued at $1,553,322.55. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.71% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the stock. LSV Asset Management raised its stake in Molson Coors Beverage by 1.4% during the first quarter. LSV Asset Management now owns 6,369,498 shares of the company’s stock worth $387,711,000 after acquiring an additional 86,601 shares in the last quarter. Clarkston Capital Partners LLC grew its holdings in shares of Molson Coors Beverage by 0.7% during the 1st quarter. Clarkston Capital Partners LLC now owns 4,553,212 shares of the company’s stock valued at $277,154,000 after purchasing an additional 33,535 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Molson Coors Beverage by 20.0% during the 1st 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 in the last quarter. Geode Capital Management LLC lifted its stake in Molson Coors Beverage by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock valued at $245,308,000 after purchasing an additional 54,867 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Molson Coors Beverage by 16.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company’s stock valued at $251,442,000 after purchasing an additional 595,203 shares during the last quarter. 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.
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