Molson Coors Beverage (NYSE:TAP) Shares Gap Down – Should You Sell?

Shares of Molson Coors Beverage (NYSE:TAP) gapped down prior to trading on Thursday . The stock had previously closed at $56.52, but opened at $52.55. Molson Coors Beverage shares last traded at $57.96, with a volume of 602,765 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TAP. TD Cowen lowered their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. Barclays boosted their price target on Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Piper Sandler upped their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group reduced their price target on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a report on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $58.62.

Molson Coors Beverage Price Performance

The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average price is $55.39 and its 200-day moving average price is $54.42. The stock has a market capitalization of $11.73 billion, a PE ratio of 10.44, a PEG ratio of 2.43 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. The business had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.78 earnings per share. On average, equities analysts forecast that Molson Coors Beverage will post 5.71 EPS for the current fiscal year.

Institutional Trading of Molson Coors Beverage

Several hedge funds and other institutional investors have recently bought and sold shares of TAP. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Molson Coors Beverage by 11.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,855 shares of the company’s stock valued at $4,899,000 after acquiring an additional 7,557 shares during the period. Nordea Investment Management AB raised its position in Molson Coors Beverage by 153.7% in the 1st quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock worth $1,730,000 after purchasing an additional 15,648 shares during the period. Daiwa Securities Group Inc. lifted its stake in Molson Coors Beverage by 32.9% in the first quarter. Daiwa Securities Group Inc. now owns 25,962 shares of the company’s stock worth $1,746,000 after purchasing an additional 6,433 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Molson Coors Beverage by 1.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,867 shares of the company’s stock valued at $1,000,000 after buying an additional 231 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in shares of Molson Coors Beverage by 153.7% during the first quarter. Geneos Wealth Management Inc. now owns 982 shares of the company’s stock valued at $66,000 after buying an additional 595 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

About Molson Coors Beverage

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.