Molson Coors Beverage (NYSE:TAP) Stock Price Target Lowered at Piper Sandler

Molson Coors Beverage (NYSE:TAP) had its price objective dropped by analysts at Piper Sandler from $44.00 to $43.00 in a report released on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler‘s price target would suggest a potential upside of 1.77% from the company’s current price.

Several other brokerages have also weighed in on TAP. JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Monday, October 26th. Weiss Ratings reiterated a “sell (d)” rating on shares of Molson Coors Beverage in a research report on Monday, September 21st. BNP Paribas Exane dropped their price objective on Molson Coors Beverage from $34.00 to $33.00 and set an “underperform” rating on the stock in a report on Friday, September 18th. Barclays cut their price objective on Molson Coors Beverage from $41.00 to $36.00 and set an “underweight” rating for the company in a research report on Friday, October 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of Molson Coors Beverage in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $42.88.

Molson Coors Beverage Price Performance

Shares of TAP opened at $42.25 on Friday. The business’s 50-day moving average is $38.98 and its two-hundred day moving average is $42.36. The company has a market capitalization of $8.85 billion, a P/E ratio of -3.66 and a beta of 0.45. Molson Coors Beverage has a fifty-two week low of $35.52 and a fifty-two week high of $54.82. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.72 and a current ratio of 0.88.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Thursday, November 5th. The company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.02. Molson Coors Beverage had a negative net margin of 17.83% and a positive return on equity of 9.46%. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter last year, the company earned $1.67 EPS. The business’s revenue was down 1.6% on a year-over-year basis. Research analysts predict that Molson Coors Beverage will post 4.77 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its position in shares of Molson Coors Beverage by 10.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,363,157 shares of the company’s stock valued at $360,117,000 after purchasing an additional 790,314 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Molson Coors Beverage by 16.4% during the first quarter. Bank of New York Mellon Corp now owns 3,326,427 shares of the company’s stock worth $143,236,000 after buying an additional 469,607 shares in the last quarter. Nykredit A S purchased a new position in Molson Coors Beverage during the second quarter worth approximately $58,423,000. Squarepoint Ops LLC boosted its stake in Molson Coors Beverage by 8.1% during the second quarter. Squarepoint Ops LLC now owns 1,190,275 shares of the company’s stock worth $46,373,000 after buying an additional 89,398 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Molson Coors Beverage by 36.5% during the first quarter. Bank of America Corp DE now owns 1,187,921 shares of the company’s stock worth $51,152,000 after buying an additional 317,387 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

About Molson Coors Beverage

Molson Coors Beverage Company is a global beverage company best known for brewing and marketing beer. Its portfolio includes widely recognized brands such as Coors, Coors Light, Miller Lite, Miller High Life, Molson Canadian, Carling, Blue Moon, Staropramen and Peroni Nastro Azzurro, along with hard seltzers, flavored alcoholic beverages and other adjacent products.

The company serves consumers through a broad network of breweries, distributors and retailers across North America, Europe and other international markets.