UBS Group Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $59.00

Molson Coors Beverage (NYSE:TAP) had its price target dropped by equities researchers at UBS Group from $63.00 to $59.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price objective suggests a potential upside of 8.06% from the company’s previous close.

A number of other research firms have also recently commented on TAP. Morgan Stanley lowered their price objective on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday. Barclays dropped their price target on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $47.00 to $57.00 in a research report on Wednesday, February 5th. JPMorgan Chase & Co. dropped their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and an average price target of $63.49.

Molson Coors Beverage Price Performance

Shares of TAP opened at $54.60 on Friday. The stock has a market cap of $11.06 billion, a P/E ratio of 10.21, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $64.66. The stock’s 50-day moving average price is $59.12 and its two-hundred day moving average price is $58.42. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data 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 return on equity of 9.34% and a net margin of 8.17%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the business earned $0.95 EPS. The firm’s revenue was down 11.3% compared to the same quarter last year. On average, equities analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Headlands Technologies LLC bought a new stake in shares of Molson Coors Beverage during the 1st quarter worth approximately $70,000. Deutsche Bank AG raised its position in Molson Coors Beverage by 24.2% during the first quarter. Deutsche Bank AG now owns 2,797,189 shares of the company’s stock worth $170,265,000 after acquiring an additional 544,353 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Molson Coors Beverage by 1.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,704,932 shares of the company’s stock valued at $103,779,000 after acquiring an additional 20,311 shares during the last quarter. ASR Vermogensbeheer N.V. bought a new position in shares of Molson Coors Beverage in the 1st quarter valued at about $5,531,000. Finally, Legacy Capital Group California Inc. increased its stake in shares of Molson Coors Beverage by 11.3% during the 1st quarter. Legacy Capital Group California Inc. now owns 13,756 shares of the company’s stock worth $837,000 after purchasing an additional 1,400 shares during the last quarter. 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.