Molson Coors Beverage (NYSE:TAP) PT Lowered to $62.00 at Bank of America

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

Several other research firms have also recently commented on TAP. Citigroup cut shares of Molson Coors Beverage from a neutral rating to a sell rating and dropped their target price for the stock from $66.00 to $56.00 in a research report on Wednesday, April 24th. StockNews.com raised Molson Coors Beverage from a hold rating to a buy rating in a research report on Friday, April 12th. JPMorgan Chase & Co. lowered their target price on Molson Coors Beverage from $66.00 to $60.00 and set a neutral rating for the company in a research note on Wednesday. Piper Sandler started coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They issued a neutral rating and a $69.00 price target on the stock. Finally, The Goldman Sachs Group upgraded Molson Coors Beverage from a neutral rating to a buy rating and increased their price objective for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average 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. The stock has a 50-day moving average of $64.86 and a 200-day moving average of $62.33. 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 has a 1-year low of $55.67 and a 1-year high of $70.90. The firm has a market cap of $12.30 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.97 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. As a group, sell-side analysts forecast that Molson Coors Beverage will post 5.68 EPS for the current year.

Molson Coors Beverage Increases Dividend

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

Insider Activity

In other news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.71% of the company’s stock.

Institutional Trading of Molson Coors Beverage

Several large investors have recently modified their holdings of TAP. Pacer Advisors Inc. grew its stake in shares of Molson Coors Beverage by 9,466.3% during the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after purchasing an additional 2,121,211 shares during the period. Norges Bank purchased a new position in shares of Molson Coors Beverage in the fourth quarter worth approximately $127,337,000. AQR Capital Management LLC grew its position in Molson Coors Beverage by 76.0% during the third 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 period. Morgan Stanley increased its holdings in Molson Coors Beverage by 40.2% during the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after buying an additional 988,864 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Molson Coors Beverage by 57.4% in the third quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock worth $78,446,000 after acquiring an additional 449,971 shares during the period. Institutional investors own 78.46% of the company’s stock.

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.