Molson Coors Beverage (NYSE:TAP) Price Target Lowered to $54.00 at Bank of America

Molson Coors Beverage (NYSE:TAPGet Free Report) had its target price cut by equities researchers at Bank of America from $62.00 to $54.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price would indicate a potential upside of 7.59% from the stock’s current price.

Several other research firms also recently weighed in on TAP. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target for the company. Barclays lowered their price target on shares of Molson Coors Beverage from $62.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 29th. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $63.53.

View Our Latest Research Report on Molson Coors Beverage

Molson Coors Beverage Price Performance

Shares of NYSE TAP traded up $0.25 during mid-day trading on Wednesday, reaching $50.19. 560,441 shares of the company were exchanged, compared to its average volume of 1,940,614. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $10.63 billion, a PE ratio of 10.03, a PEG ratio of 1.81 and a beta of 0.81. The company’s 50 day moving average price is $53.37 and its 200 day moving average price is $60.06. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $70.90.

Molson Coors Beverage (NYSE:TAPGet Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.21. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.54 earnings per share. Sell-side analysts forecast that Molson Coors Beverage will post 5.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tennessee Valley Asset Management Partners bought a new position in shares of Molson Coors Beverage in the fourth quarter worth approximately $29,000. Montag A & Associates Inc. bought a new position in Molson Coors Beverage during the fourth quarter valued at approximately $31,000. Raleigh Capital Management Inc. lifted its position in Molson Coors Beverage by 2,087.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after purchasing an additional 501 shares during the period. Transcendent Capital Group LLC bought a new position in Molson Coors Beverage during the fourth quarter valued at approximately $36,000. Finally, Allworth Financial LP lifted its position in Molson Coors Beverage by 179.4% during the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after purchasing an additional 400 shares during the period. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Molson Coors Beverage (NYSE:TAP)

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