Molson Coors Beverage (NYSE:TAP) Given New $64.00 Price Target at UBS Group

Molson Coors Beverage (NYSE:TAP) had its price target trimmed by UBS Group from $70.00 to $64.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms also recently issued reports on TAP. The Goldman Sachs Group upgraded Molson Coors Beverage from a neutral rating to a buy rating and boosted their price objective for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Piper Sandler started coverage on shares of Molson Coors Beverage in a report on Friday, March 22nd. They set a neutral rating and a $69.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on shares of Molson Coors Beverage from $66.00 to $60.00 and set a neutral rating on the stock in a research note on Wednesday. TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a research note on Tuesday, February 13th. Finally, Bank of America lowered their price target on shares of Molson Coors Beverage from $72.00 to $62.00 and set a neutral rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $65.87.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $57.08 on Wednesday. Molson Coors Beverage has a twelve month low of $55.67 and a twelve month high of $70.90. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $12.14 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 2.19 and a beta of 0.84. The firm has a 50-day moving average of $65.07 and a two-hundred day moving average of $62.40.

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

Molson Coors Beverage Increases Dividend

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

Insider Activity

In related news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

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.