Molson Coors Beverage (NYSE:TAP) Stock Gets Price Target Reduction from Morgan Stanley

Molson Coors Beverage (NYSE:TAP) had its price objective lowered by Morgan Stanley from $46.00 to $42.00 in a research note released on Monday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research analysts have also recently weighed in on the company. Piper Sandler lowered their price objective on Molson Coors Beverage from $44.00 to $43.00 and set a “neutral” rating on the stock in a research report on Friday, November 6th. Wells Fargo & Company lowered shares of Molson Coors Beverage from an “equal weight” rating to a “strong sell” rating and reduced their target price for the stock from $38.00 to $36.00 in a report on Friday, November 6th. TD Cowen decreased their target price on shares of Molson Coors Beverage from $43.00 to $37.00 and set a “hold” rating on the stock in a research note on Tuesday, October 13th. BNP Paribas Exane lowered their price target on shares of Molson Coors Beverage from $34.00 to $33.00 and set an “underperform” rating on the stock in a report on Friday, September 18th. Finally, Needham & Company LLC lowered their price target on shares of Molson Coors Beverage from $50.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, November 6th. Three analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $42.41.

Molson Coors Beverage Trading Down 1.0%

Shares of TAP stock opened at $39.58 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.86 and a quick ratio of 0.60. The company has a market cap of $8.29 billion, a price-to-earnings ratio of 8.42 and a beta of 0.45. Molson Coors Beverage has a 1 year low of $35.52 and a 1 year high of $54.82. The firm has a fifty day moving average price of $38.91 and a 200-day moving average price of $42.16.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, November 5th. The company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.02. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.94 billion. Molson Coors Beverage had a return on equity of 8.92% and a net margin of 6.95%. Molson Coors Beverage’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm earned $1.67 EPS. As a group, equities analysts predict that Molson Coors Beverage will post 4.46 earnings per share for the current year.

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors have recently added to or reduced their stakes in TAP. Dimensional Fund Advisors LP lifted its holdings 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 worth $360,117,000 after buying an additional 790,314 shares in the last quarter. Bank of New York Mellon Corp grew its stake 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 valued at $143,236,000 after acquiring an additional 469,607 shares in the last quarter. Nykredit A S purchased a new position in Molson Coors Beverage during the second quarter valued at $58,423,000. Squarepoint Ops LLC increased its holdings in shares of Molson Coors Beverage by 8.1% in the second quarter. Squarepoint Ops LLC now owns 1,190,275 shares of the company’s stock worth $46,373,000 after purchasing an additional 89,398 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Molson Coors Beverage by 36.5% in the 1st quarter. Bank of America Corp DE now owns 1,187,921 shares of the company’s stock worth $51,152,000 after acquiring an additional 317,387 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a global brewer and beverage company with roots in the 18th-century Molson brewery in Canada and the 19th-century Coors brewery in Colorado. The businesses combined in 2005, and the company is headquartered in Chicago and Montreal. Its portfolio includes beer brands such as Coors Light, Miller Lite, Molson Canadian, Coors Banquet and Blue Moon, as well as other alcoholic and nonalcoholic beverages. The company brews, markets and distributes its products through its own operations and partner arrangements.