Wells Fargo & Company Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $58.00

Molson Coors Beverage (NYSE:TAP) had its price objective lowered by Wells Fargo & Company from $65.00 to $58.00 in a report published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also commented on the company. UBS Group decreased their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Wall Street Zen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Morgan Stanley decreased their price objective on Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, May 9th. Piper Sandler decreased their price objective on Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating on the stock in a research report on Monday, June 23rd. Finally, Barclays decreased their price objective on Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Monday, May 12th. Twelve equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $60.46.

Molson Coors Beverage Stock Up 0.5%

NYSE TAP opened at $47.48 on Wednesday. The firm has a market cap of $9.60 billion, a PE ratio of 9.55, a price-to-earnings-growth ratio of 1.76 and a beta of 0.72. Molson Coors Beverage has a one year low of $46.94 and a one year high of $64.66. The stock’s 50 day simple moving average is $53.69 and its 200 day simple moving average is $56.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The firm’s quarterly revenue was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 earnings per share. As a group, sell-side analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.96%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage’s payout ratio is presently 37.83%.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the transaction, the director now owns 27,595 shares in the company, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Molson Coors Beverage

A number of large investors have recently added to or reduced their stakes in TAP. Norges Bank bought a new position in Molson Coors Beverage during the 4th quarter worth about $142,407,000. Ameriprise Financial Inc. increased its holdings in Molson Coors Beverage by 414.3% during the 1st quarter. Ameriprise Financial Inc. now owns 1,987,132 shares of the company’s stock worth $120,960,000 after purchasing an additional 1,600,748 shares in the last quarter. Fairfax Financial Holdings Ltd. Can bought a new position in Molson Coors Beverage during the 4th quarter worth about $68,010,000. KBC Group NV increased its holdings in Molson Coors Beverage by 269.1% during the 1st quarter. KBC Group NV now owns 1,237,539 shares of the company’s stock worth $75,329,000 after purchasing an additional 902,296 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Molson Coors Beverage by 20.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,503,879 shares of the company’s stock worth $274,144,000 after purchasing an additional 750,388 shares in the last quarter. 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.