Wells Fargo & Company Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $53.00

Molson Coors Beverage (NYSE:TAP) had its price objective cut by Wells Fargo & Company from $55.00 to $53.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also commented on the company. Piper Sandler dropped their target price on Molson Coors Beverage from $53.00 to $52.00 and set a “neutral” rating on the stock in a report on Tuesday, September 30th. Sanford C. Bernstein dropped their price objective on Molson Coors Beverage from $65.00 to $55.00 and set a “market perform” rating on the stock in a report on Wednesday, July 9th. Needham & Company LLC cut their target price on Molson Coors Beverage from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, November 3rd. Barclays restated an “underweight” rating and set a $50.00 target price (up previously from $49.00) on shares of Molson Coors Beverage in a research note on Friday, September 12th. Finally, Jefferies Financial Group dropped their price target on shares of Molson Coors Beverage from $51.00 to $48.00 and set a “hold” rating on the stock in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $54.56.

Molson Coors Beverage Stock Up 4.9%

NYSE:TAP traded up $2.18 during mid-day trading on Wednesday, hitting $46.27. The stock had a trading volume of 4,323,844 shares, compared to its average volume of 2,485,240. Molson Coors Beverage has a twelve month low of $42.94 and a twelve month high of $64.66. The stock has a 50-day simple moving average of $46.47 and a two-hundred day simple moving average of $50.07. The company has a current ratio of 0.95, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $9.14 billion, a PE ratio of 9.13, a PEG ratio of 1.60 and a beta of 0.65.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $1.67 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.05). Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3.02 billion. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.360 EPS. On average, equities research analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current year.

Insiders Place Their Bets

In other news, Director David S. Coors acquired 2,245 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was acquired at an average cost of $44.47 per share, with a total value of $99,835.15. Following the completion of the acquisition, the director owned 30,586 shares of the company’s stock, valued at $1,360,159.42. The trade was a 7.92% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.71% of the company’s stock.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors have recently modified their holdings of TAP. Principal Financial Group Inc. boosted its stake in Molson Coors Beverage by 14.7% during the 1st quarter. Principal Financial Group Inc. now owns 238,178 shares of the company’s stock worth $14,498,000 after purchasing an additional 30,463 shares during the period. OneDigital Investment Advisors LLC raised its holdings in shares of Molson Coors Beverage by 2.4% in the first quarter. OneDigital Investment Advisors LLC now owns 12,360 shares of the company’s stock valued at $752,000 after buying an additional 293 shares during the last quarter. World Investment Advisors acquired a new stake in shares of Molson Coors Beverage during the first quarter worth about $219,000. Penserra Capital Management LLC grew its holdings in shares of Molson Coors Beverage by 7.9% during the first quarter. Penserra Capital Management LLC now owns 15,442 shares of the company’s stock worth $939,000 after buying an additional 1,137 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Molson Coors Beverage by 16.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 368,030 shares of the company’s stock valued at $22,402,000 after acquiring an additional 52,971 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Company Profile

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.