Morgan Stanley Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $58.00

Molson Coors Beverage (NYSE:TAP) had its price objective dropped by equities research analysts at Morgan Stanley from $63.00 to $58.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 6.23% from the company’s current price.

Other equities analysts have also issued research reports about the company. Berenberg Bank began coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Molson Coors Beverage in a research report on Tuesday, April 29th. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Friday, February 21st. UBS Group upped their price target on Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. reduced their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $63.49.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock opened at $54.60 on Friday. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $64.66. The firm has a market cap of $11.06 billion, a P/E ratio of 10.21, a P/E/G ratio of 1.52 and a beta of 0.73. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average of $59.12 and a 200-day moving average of $58.42.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was down 11.3% compared to the same quarter last year. Sell-side analysts expect that Molson Coors Beverage will post 6.35 EPS for the current year.

Hedge Funds Weigh In On Molson Coors Beverage

A number of hedge funds and other institutional investors have recently made changes to their positions in TAP. Norges Bank acquired a new stake in shares of Molson Coors Beverage in the 4th quarter worth $142,407,000. Fairfax Financial Holdings Ltd. Can purchased a new position in shares of Molson Coors Beverage during the 4th quarter worth approximately $68,010,000. KBC Group NV lifted its holdings in shares of Molson Coors Beverage by 269.1% in the 1st quarter. KBC Group NV now owns 1,237,539 shares of the company’s stock valued at $75,329,000 after buying an additional 902,296 shares during the period. Estuary Capital Management LP acquired a new position in Molson Coors Beverage during the fourth quarter worth about $39,052,000. Finally, Bank of New York Mellon Corp raised its holdings in Molson Coors Beverage by 16.8% during the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company’s stock worth $251,442,000 after purchasing 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.