Wells Fargo & Company Trims Molson Coors Beverage (NYSE:TAP) Target Price to $50.00

Molson Coors Beverage (NYSE:TAP) had its price objective lowered by Wells Fargo & Company from $55.00 to $50.00 in a research note released on Wednesday, Benzinga reports. The firm currently has an underweight rating on the stock.

Several other research firms have also recently weighed in on TAP. StockNews.com cut Molson Coors Beverage from a buy rating to a hold rating in a report on Thursday, May 2nd. Citigroup dropped their target price on Molson Coors Beverage from $56.00 to $53.00 and set a sell rating for the company in a report on Wednesday, May 1st. UBS Group decreased their price target on shares of Molson Coors Beverage from $70.00 to $64.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a research note on Wednesday, April 17th. Finally, Bank of America decreased their target price on shares of Molson Coors Beverage from $72.00 to $62.00 and set a neutral rating on the stock in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $63.13.

Molson Coors Beverage Trading Up 0.1 %

TAP stock opened at $51.24 on Wednesday. The stock has a market cap of $10.86 billion, a price-to-earnings ratio of 10.25, a price-to-earnings-growth ratio of 1.82 and a beta of 0.81. The company has a fifty day moving average price of $52.97 and a two-hundred day moving average price of $59.86. Molson Coors Beverage has a one year low of $49.19 and a one year high of $70.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. Molson Coors Beverage’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 EPS. Equities analysts anticipate that Molson Coors Beverage will post 5.68 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were given a dividend of $0.44 per share. The ex-dividend date was Friday, June 7th. This represents a $1.76 annualized dividend and a dividend yield of 3.43%. Molson Coors Beverage’s dividend payout ratio is currently 35.20%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Morgan Stanley boosted its stake in shares of Molson Coors Beverage by 40.2% in 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 during the last quarter. Comerica Bank raised its position in shares of Molson Coors Beverage by 12.1% in the 3rd quarter. Comerica Bank now owns 96,700 shares of the company’s stock worth $6,149,000 after acquiring an additional 10,464 shares in the last quarter. Graham Capital Management L.P. bought a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at about $364,000. Deutsche Bank AG increased its holdings 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 purchasing an additional 449,971 shares in the last quarter. Finally, Banque Pictet & Cie SA acquired a new position in Molson Coors Beverage in the third quarter valued at approximately $248,000. 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.