Molson Coors Beverage (NYSE:TAP) PT Lowered to $68.00 at Evercore ISI

Molson Coors Beverage (NYSE:TAP) had its target price trimmed by Evercore ISI from $70.00 to $68.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

TAP has been the topic of a number of other reports. Citigroup lowered shares of Molson Coors Beverage from a neutral rating to a sell rating and reduced their target price for the stock from $66.00 to $56.00 in a research report on Wednesday, April 24th. Barclays upped their price objective on Molson Coors Beverage from $65.00 to $67.00 and gave the stock an equal weight rating in a report on Friday, April 12th. The Goldman Sachs Group raised Molson Coors Beverage from a neutral rating to a buy rating and lifted their target price for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. StockNews.com raised Molson Coors Beverage from a hold rating to a buy rating in a research note on Friday, April 12th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a research report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage has an average rating of Hold and an average price target of $65.53.

Molson Coors Beverage Stock Up 0.1 %

TAP opened at $57.85 on Wednesday. Molson Coors Beverage has a twelve month low of $55.67 and a twelve month high of $70.90. The firm has a market cap of $12.30 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 1.97 and a beta of 0.86. The firm’s 50-day simple moving average is $64.86 and its 200-day simple moving average is $62.33. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.69.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.21. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. 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 posted $0.54 EPS. Equities research analysts anticipate that Molson Coors Beverage will post 5.68 EPS 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. Shareholders of record on Friday, March 1st were issued a $0.44 dividend. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio is 35.20%.

Insider Activity

In other Molson Coors Beverage 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 transaction, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new stake in shares of Molson Coors Beverage in the fourth quarter worth $29,000. Montag A & Associates Inc. bought a new position in Molson Coors Beverage in the fourth quarter valued at approximately $31,000. Stone House Investment Management LLC acquired a new position in shares of Molson Coors Beverage during the 3rd quarter worth approximately $32,000. Raleigh Capital Management Inc. raised its stake in shares of Molson Coors Beverage by 2,087.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after purchasing an additional 501 shares in the last quarter. Finally, Transcendent Capital Group LLC acquired a new stake in shares of Molson Coors Beverage in the 4th quarter valued at approximately $36,000. 78.46% of the stock is owned by institutional investors and hedge funds.

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.