Molson Coors Beverage (NYSE:TAP) Price Target Cut to $62.00 by Analysts at Bank of America

Molson Coors Beverage (NYSE:TAP) had its target price lowered by Bank of America from $72.00 to $62.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group raised Molson Coors Beverage from a neutral rating to a buy rating and increased their target price for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. Evercore ISI decreased their price objective on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday. TheStreet raised Molson Coors Beverage from a c rating to a b- rating in a research note on Tuesday, February 13th. Piper Sandler initiated coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They issued a neutral rating and a $69.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a research note on Wednesday, April 17th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $65.53.

Molson Coors Beverage Trading Up 0.1 %

NYSE TAP opened at $57.85 on Wednesday. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The stock has a market cap of $12.30 billion, a P/E ratio of 11.57, a P/E/G ratio of 2.00 and a beta of 0.86. The stock’s fifty day moving average price is $64.77 and its 200-day moving average price is $62.34. The company has a current ratio of 0.69, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the firm posted $0.54 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities analysts forecast that Molson Coors Beverage will post 5.68 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.04%. The ex-dividend date was Thursday, February 29th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.20%.

Insider Activity at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the sale, the chief financial officer now owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Molson Coors Beverage

Several institutional investors have recently added to or reduced their stakes in TAP. Asset Management One Co. Ltd. grew its holdings in Molson Coors Beverage by 1.2% during the 3rd quarter. Asset Management One Co. Ltd. now owns 74,853 shares of the company’s stock valued at $4,760,000 after buying an additional 869 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Molson Coors Beverage by 5.4% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 76,766 shares of the company’s stock worth $4,882,000 after purchasing an additional 3,900 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Molson Coors Beverage by 7.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,897 shares of the company’s stock worth $2,156,000 after purchasing an additional 2,279 shares during the period. Kingswood Wealth Advisors LLC purchased a new position in shares of Molson Coors Beverage in the 3rd quarter worth approximately $271,000. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Molson Coors Beverage by 112.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 531,694 shares of the company’s stock worth $33,810,000 after purchasing an additional 281,869 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

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.