Analysts Set Molson Coors Beverage (NYSE:TAP) Target Price at $62.71

Shares of Molson Coors Beverage (NYSE:TAP) have been assigned a consensus recommendation of “Hold” from the fourteen ratings firms that are presently covering the company, MarketBeat reports. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $62.71.

A number of brokerages have recently issued reports on TAP. JPMorgan Chase & Co. dropped their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. UBS Group dropped their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. StockNews.com lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday. Berenberg Bank assumed coverage on shares of Molson Coors Beverage in a research report on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price target for the company. Finally, Morgan Stanley cut their price target on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, May 9th.

Institutional Investors Weigh In On Molson Coors Beverage

Several institutional investors and hedge funds have recently bought and sold shares of the business. Woodline Partners LP boosted its stake in Molson Coors Beverage by 38.7% in the first quarter. Woodline Partners LP now owns 14,546 shares of the company’s stock valued at $885,000 after acquiring an additional 4,056 shares during the period. Empowered Funds LLC lifted its holdings in shares of Molson Coors Beverage by 14.7% in the 1st quarter. Empowered Funds LLC now owns 209,071 shares of the company’s stock worth $12,726,000 after purchasing an additional 26,719 shares during the last quarter. MBB Public Markets I LLC acquired a new position in Molson Coors Beverage during the 1st quarter valued at approximately $328,000. United Services Automobile Association acquired a new position in Molson Coors Beverage during the 1st quarter valued at approximately $215,000. Finally, Caxton Associates LLP bought a new position in Molson Coors Beverage during the 1st quarter worth $202,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Trading Up 1.0%

TAP opened at $56.81 on Wednesday. The firm’s 50 day moving average is $58.61 and its 200-day moving average is $58.45. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $64.66. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.51 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.52 and a beta of 0.73.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the firm earned $0.95 EPS. The business’s quarterly revenue was down 11.3% on a year-over-year basis. Analysts expect that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Friday, June 6th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 37.83%.

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.