Piper Sandler Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $57.00

Molson Coors Beverage (NYSE:TAP) had its target price decreased by equities research analysts at Piper Sandler from $69.00 to $57.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential upside of 8.78% from the stock’s previous close.

Several other analysts have also recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Molson Coors Beverage from $60.00 to $54.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Bank of America dropped their price target on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Citigroup dropped their price target on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and an average target price of $61.07.

Molson Coors Beverage Stock Down 1.3 %

Shares of NYSE:TAP opened at $52.40 on Friday. The firm’s 50 day moving average price is $52.41 and its 200 day moving average price is $59.55. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 2.00 and a beta of 0.81. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $70.90. 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 (NYSE:TAP) last issued its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.21. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 earnings per share. As a group, equities research analysts predict that Molson Coors Beverage will post 5.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Molson Coors Beverage

Several hedge funds have recently modified their holdings of the stock. Capital International Investors lifted its holdings in shares of Molson Coors Beverage by 10.7% during the first 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 period. Pacer Advisors Inc. lifted its holdings in Molson Coors Beverage by 9,466.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after acquiring an additional 2,121,211 shares during the period. Norges Bank acquired a new stake in Molson Coors Beverage in the fourth quarter valued at $127,337,000. Charles Schwab Investment Management Inc. lifted its holdings in Molson Coors Beverage by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,638,115 shares of the company’s stock valued at $100,269,000 after acquiring an additional 25,575 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in Molson Coors Beverage by 12.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,396,489 shares of the company’s stock valued at $85,479,000 after acquiring an additional 153,968 shares during the period. 78.46% of the stock is 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.