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

Molson Coors Beverage (NYSE:TAP) had its price objective decreased by research analysts at Barclays from $51.00 to $48.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Barclays‘s target price indicates a potential downside of 13.32% from the company’s previous close.

Several other brokerages have also issued reports on TAP. BNP Paribas began coverage on Molson Coors Beverage in a research note on Monday, November 25th. They set a “neutral” rating and a $64.00 price target on the stock. Needham & Company LLC started coverage on Molson Coors Beverage in a research report on Friday, December 6th. They set a “buy” rating and a $72.00 price objective on the stock. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their target price for the company from $57.00 to $70.00 in a research note on Friday, December 6th. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $61.79.

Molson Coors Beverage Stock Performance

NYSE TAP traded up $0.40 during trading on Friday, hitting $55.38. The company’s stock had a trading volume of 432,920 shares, compared to its average volume of 1,701,775. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market cap of $11.41 billion, a P/E ratio of 12.47, a price-to-earnings-growth ratio of 1.96 and a beta of 0.86. The firm has a 50 day moving average price of $59.18 and a 200 day moving average price of $55.85.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.92 EPS. Equities research analysts forecast that Molson Coors Beverage will post 5.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Molson Coors Beverage

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clark Estates Inc. NY grew its stake in shares of Molson Coors Beverage by 18.1% during the third quarter. Clark Estates Inc. NY now owns 60,000 shares of the company’s stock valued at $3,451,000 after purchasing an additional 9,200 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Molson Coors Beverage by 1.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company’s stock valued at $2,046,000 after buying an additional 563 shares during the last quarter. Qsemble Capital Management LP increased its stake in shares of Molson Coors Beverage by 23.5% in the 3rd quarter. Qsemble Capital Management LP now owns 48,474 shares of the company’s stock valued at $2,788,000 after buying an additional 9,234 shares during the period. Principal Financial Group Inc. raised its position in shares of Molson Coors Beverage by 4.7% during the third quarter. Principal Financial Group Inc. now owns 211,812 shares of the company’s stock worth $12,183,000 after acquiring an additional 9,510 shares during the last quarter. Finally, 1832 Asset Management L.P. bought a new stake in shares of Molson Coors Beverage during the second quarter worth $1,237,000. Institutional investors and hedge funds 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.