13 Cheap Mid-Cap Stocks to Add to Your Portfolio

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4. Molson Coors Beverage Company (NYSE:TAP)

Market Cap: $9.74 billion

Forward P/E: 8

Number of Hedge Fund Holders: 45

Molson Coors Beverage Company (NYSE:TAP) is one of the 13 Cheap Mid-Cap Stocks to Add to Your Portfolio. On June 23, Piper Sandler lowered the firm’s price target on Molson Coors Beverage Company (NYSE:TAP) to $53 from $58, keeping a Neutral rating on the shares.

The analyst told investors in a research note that Molson Coors Beverage Company (NYSE:TAP) is exhibiting a continually slowing retail momentum. Q2-to-date US retail volumes dropped around 5%, with the company lapping elevated shipments from a year ago.

In addition, aluminum prices are resulting in cost pressure behind increased Midwest Premium rates. The firm also noted that these circumstances are materializing at a time when the US beer category is experiencing pressure from societal shifts and macroeconomic factors.

Molson Coors Beverage Company (NYSE:TAP) produces and sells beer. The company operates through the Americas, EMEA, and APAC geographical segments.

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