Molson Coors Beverage (NYSE:TAP) Stock Rating Cut to Underweight at Wells Fargo & Company

Molson Coors Beverage (NYSE:TAP) was downgraded by investment analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a report issued on Friday, Benzinga reports. They presently have a $36.00 price target on the stock, down from their previous price target of $38.00. Wells Fargo & Company‘s target price indicates a potential downside of 14.80% from the company’s previous close.

TAP has been the topic of a number of other research reports. UBS Group raised their price objective on Molson Coors Beverage from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. reduced their target price on shares of Molson Coors Beverage from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, October 26th. Citigroup decreased their price target on shares of Molson Coors Beverage from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Wednesday, October 14th. Zacks Research cut shares of Molson Coors Beverage from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Finally, TD Cowen lowered their price target on shares of Molson Coors Beverage from $43.00 to $37.00 and set a “hold” rating on the stock in a report on Tuesday, October 13th. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $42.94.

Molson Coors Beverage Stock Down 2.1%

Molson Coors Beverage stock opened at $42.25 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.88 and a debt-to-equity ratio of 0.55. The firm has a market cap of $8.85 billion, a P/E ratio of -3.66 and a beta of 0.45. The business has a fifty day moving average of $38.98 and a two-hundred day moving average of $42.36. Molson Coors Beverage has a twelve month low of $35.52 and a twelve month high of $54.82.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 5th. The company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.02. The business had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.94 billion. Molson Coors Beverage had a positive return on equity of 9.46% and a negative net margin of 17.83%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business posted $1.67 EPS. On average, analysts forecast that Molson Coors Beverage will post 4.77 earnings per share for the current fiscal year.

Institutional Trading of Molson Coors Beverage

Several hedge funds and other institutional investors have recently made changes to their positions in TAP. Fifth Third Bancorp grew its stake in Molson Coors Beverage by 29.6% during the 3rd quarter. Fifth Third Bancorp now owns 70,902 shares of the company’s stock worth $2,586,000 after buying an additional 16,179 shares during the last quarter. Maryland State Retirement & Pension System increased its position in Molson Coors Beverage by 444.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 43,456 shares of the company’s stock valued at $1,585,000 after buying an additional 35,469 shares in the last quarter. Jacobi Capital Management LLC acquired a new position in Molson Coors Beverage during the 3rd quarter valued at about $25,000. AMG National Trust Bank raised its stake in Molson Coors Beverage by 0.7% in the third quarter. AMG National Trust Bank now owns 327,504 shares of the company’s stock valued at $11,944,000 after buying an additional 2,229 shares during the last quarter. Finally, M&G PLC raised its stake in Molson Coors Beverage by 5.2% in the third quarter. M&G PLC now owns 484,533 shares of the company’s stock valued at $17,443,000 after buying an additional 23,852 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 is a global beverage company best known for brewing and marketing beer. Its portfolio includes widely recognized brands such as Coors, Coors Light, Miller Lite, Miller High Life, Molson Canadian, Carling, Blue Moon, Staropramen and Peroni Nastro Azzurro, along with hard seltzers, flavored alcoholic beverages and other adjacent products.

The company serves consumers through a broad network of breweries, distributors and retailers across North America, Europe and other international markets.