Molson Coors Beverage (NYSE:TAP) PT Lowered to $53.00

Molson Coors Beverage (NYSE:TAP) had its target price trimmed by Citigroup from $56.00 to $53.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a sell rating on the stock.

Several other research analysts have also issued reports on TAP. UBS Group lowered their target price on Molson Coors Beverage from $70.00 to $64.00 and set a neutral rating for the company in a research report on Wednesday. Piper Sandler assumed coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They set a neutral rating and a $69.00 target price for the company. Evercore ISI lowered their target price on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating for the company in a research report on Wednesday. StockNews.com upgraded Molson Coors Beverage from a hold rating to a buy rating in a report on Friday, April 12th. Finally, Bank of America decreased their price target on Molson Coors Beverage from $72.00 to $62.00 and set a neutral rating for the company in a report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $65.87.

Molson Coors Beverage Stock Down 0.3 %

NYSE TAP opened at $57.08 on Wednesday. The business has a fifty day moving average price of $65.07 and a two-hundred day moving average price of $62.40. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.50. Molson Coors Beverage has a fifty-two week low of $55.67 and a fifty-two week high of $70.90. The stock has a market capitalization of $12.14 billion, a PE ratio of 13.09, a PEG ratio of 2.19 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts expect that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Thursday, February 29th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s payout ratio is 40.37%.

Insider Buying and Selling

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 shares were sold at an average price of $60.37, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TAP. Pacer Advisors Inc. grew its stake in Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after buying an additional 2,121,211 shares in the last quarter. Norges Bank purchased a new position in shares of Molson Coors Beverage during the 4th quarter valued at $127,337,000. AQR Capital Management LLC grew its position in shares of Molson Coors Beverage by 76.0% during the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after purchasing an additional 1,500,269 shares in the last quarter. Morgan Stanley grew its position in shares of Molson Coors Beverage by 40.2% during the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after purchasing an additional 988,864 shares in the last quarter. Finally, Deutsche Bank AG grew its position in shares of Molson Coors Beverage by 57.4% during the 3rd quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock valued at $78,446,000 after purchasing an additional 449,971 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

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.