Bank of America Trims Molson Coors Beverage (NYSE:TAP) Target Price to $54.00

Molson Coors Beverage (NYSE:TAP) had its price objective decreased by equities researchers at Bank of America from $62.00 to $54.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 7.59% from the company’s current price.

TAP has been the subject of several other research reports. Evercore ISI dropped their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Citigroup reduced their price objective on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Wells Fargo & Company reduced their price objective on shares of Molson Coors Beverage from $55.00 to $50.00 and set an “underweight” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.53.

Molson Coors Beverage Stock Performance

TAP stock traded up $0.25 during mid-day trading on Wednesday, reaching $50.19. 560,441 shares of the stock traded hands, compared to its average volume of 1,940,614. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $70.90. The business has a 50-day moving average of $53.37 and a two-hundred day moving average of $60.06. The firm has a market capitalization of $10.63 billion, a PE ratio of 10.03, a P/E/G ratio of 1.81 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The company had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities analysts predict that Molson Coors Beverage will post 5.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Molson Coors Beverage

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. increased its stake in shares of Molson Coors Beverage by 9,466.3% during the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after purchasing an additional 2,121,211 shares during the last quarter. Norges Bank acquired a new position in shares of Molson Coors Beverage during the 4th quarter worth about $127,337,000. Morgan Stanley increased its stake in shares of Molson Coors Beverage by 40.2% during the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after purchasing an additional 988,864 shares during the last quarter. Capital International Investors increased its stake in shares of Molson Coors Beverage by 10.7% during the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after purchasing an additional 939,142 shares during the last quarter. Finally, Ilex Capital Partners UK LLP acquired a new position in shares of Molson Coors Beverage during the 1st quarter worth about $53,096,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

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.