Piper Sandler Issues Pessimistic Forecast for Molson Coors Beverage (NYSE:TAP) Stock Price

Molson Coors Beverage (NYSE:TAP) had its price objective lowered by stock analysts at Piper Sandler from $58.00 to $53.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price suggests a potential upside of 11.01% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Needham & Company LLC cut their price objective on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a “buy” rating in a research note on Tuesday, May 20th. Wall Street Zen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Berenberg Bank began coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price objective for the company. Finally, Morgan Stanley reduced 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. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus target price of $62.86.

Molson Coors Beverage Trading Down 0.6%

Shares of TAP stock traded down $0.31 on Monday, reaching $47.75. 968,526 shares of the stock were exchanged, compared to its average volume of 2,110,689. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. Molson Coors Beverage has a one year low of $47.43 and a one year high of $64.66. The stock has a market cap of $9.65 billion, a PE ratio of 9.60, a P/E/G ratio of 1.79 and a beta of 0.72. The stock has a 50 day moving average price of $54.85 and a 200 day moving average price of $57.07.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business earned $0.95 earnings per share. Molson Coors Beverage’s revenue for the quarter was down 11.3% compared to the same quarter last year. Equities research analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the sale, the director now directly owns 27,595 shares of the company’s stock, valued at $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 2.71% of the stock is owned by insiders.

Institutional Trading of Molson Coors Beverage

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Voya Investment Management LLC increased its holdings in Molson Coors Beverage by 0.9% during the first quarter. Voya Investment Management LLC now owns 54,875 shares of the company’s stock worth $3,340,000 after buying an additional 465 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Molson Coors Beverage during the 1st quarter worth about $3,123,000. Geneos Wealth Management Inc. lifted its stake in Molson Coors Beverage by 32.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company’s stock valued at $49,000 after purchasing an additional 198 shares during the last quarter. Intech Investment Management LLC lifted its stake in Molson Coors Beverage by 107.5% in the 1st quarter. Intech Investment Management LLC now owns 64,636 shares of the company’s stock valued at $3,934,000 after purchasing an additional 33,482 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new position in Molson Coors Beverage during the first quarter worth about $1,380,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

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.