Molson Coors Beverage (NYSE:TAP) Price Target Cut to $48.00 by Analysts at Barclays

Molson Coors Beverage (NYSE:TAP) had its price objective cut by equities research analysts at Barclays from $53.00 to $48.00 in a report issued on Thursday, The Fly reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential upside of 4.80% from the company’s current price.

Other analysts have also issued research reports about the stock. Jefferies Financial Group started coverage on shares of Molson Coors Beverage in a research note on Friday, July 16th. They set a “buy” rating and a $70.00 price objective on the stock. Sanford C. Bernstein started coverage on shares of Molson Coors Beverage in a research note on Monday, May 24th. They set an “outperform” rating and a $74.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $55.17.

Shares of TAP stock opened at $45.80 on Thursday. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of -17.89, a price-to-earnings-growth ratio of 1.96 and a beta of 1.10. The company has a quick ratio of 0.58, a current ratio of 0.74 and a debt-to-equity ratio of 0.51. Molson Coors Beverage has a fifty-two week low of $32.11 and a fifty-two week high of $61.48. The firm’s 50 day moving average price is $48.75 and its two-hundred day moving average price is $52.10.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Wednesday, July 28th. The company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.88 billion. Molson Coors Beverage had a negative net margin of 4.63% and a positive return on equity of 5.97%. On average, equities analysts forecast that Molson Coors Beverage will post 3.92 EPS for the current fiscal year.

In other news, Director Louis Vachon purchased 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 8th. The shares were acquired at an average price of $46.04 per share, for a total transaction of $138,120.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.43% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TAP. BlackRock Inc. raised its position in shares of Molson Coors Beverage by 24.2% during the first quarter. BlackRock Inc. now owns 18,249,661 shares of the company’s stock worth $933,467,000 after purchasing an additional 3,550,843 shares during the period. River Road Asset Management LLC raised its position in Molson Coors Beverage by 626.7% in the 1st quarter. River Road Asset Management LLC now owns 3,087,220 shares of the company’s stock valued at $157,911,000 after buying an additional 2,662,387 shares during the last quarter. Champlain Investment Partners LLC raised its position in Molson Coors Beverage by 23.2% in the 1st quarter. Champlain Investment Partners LLC now owns 3,301,420 shares of the company’s stock valued at $168,868,000 after buying an additional 622,530 shares during the last quarter. Schroder Investment Management Group raised its position in Molson Coors Beverage by 48.1% in the 1st quarter. Schroder Investment Management Group now owns 1,796,764 shares of the company’s stock valued at $91,904,000 after buying an additional 583,818 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its position in Molson Coors Beverage by 292.0% in the 1st quarter. Allianz Asset Management GmbH now owns 662,729 shares of the company’s stock valued at $33,898,000 after buying an additional 493,666 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors.

Molson Coors Beverage Company Profile

Molson Coors Beverage Co is a holding company, which engages in the production and sale of beer. It operates through the following segments: North America and Europe. The North America segment operates in the U.S., Canada and various countries in the Caribbean, Latin, and South America. The Europe segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within the Middle East, Africa, and Asia Pacific.

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Analyst Recommendations for Molson Coors Beverage (NYSE:TAP)

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