Molson Coors Beverage (NYSE:TAP) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC began coverage on shares of Molson Coors Beverage (NYSE:TAP) in a research note released on Friday morning, Marketbeat reports. The brokerage issued a buy rating and a $72.00 target price on the stock.

Other research analysts also recently issued research reports about the stock. TD Cowen dropped their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. Barclays boosted their price objective on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. raised their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Stock Up 0.3 %

Shares of NYSE:TAP opened at $61.12 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $58.05 and a two-hundred day simple moving average of $54.73. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The stock has a market capitalization of $12.59 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 2.39 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the firm earned $1.92 EPS. Molson Coors Beverage’s quarterly revenue was down 7.8% compared to the same quarter last year. On average, research analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 39.64%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Family Firm Inc. purchased a new position in Molson Coors Beverage during the 2nd quarter valued at $26,000. Altshuler Shaham Ltd bought a new stake in shares of Molson Coors Beverage during the second quarter worth $27,000. GPS Wealth Strategies Group LLC boosted its stake in shares of Molson Coors Beverage by 83.8% during the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after purchasing an additional 294 shares during the period. Ashton Thomas Securities LLC bought a new position in shares of Molson Coors Beverage in the third quarter worth about $35,000. Finally, Gladius Capital Management LP purchased a new position in Molson Coors Beverage in the 3rd quarter worth about $42,000. Institutional investors own 78.46% of the company’s stock.

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.