Molson Coors Beverage (NYSE:TAP) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Molson Coors Beverage (NYSE:TAP) from a buy rating to a hold rating in a report published on Wednesday.

Several other research firms have also commented on TAP. TD Cowen decreased 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 report on Tuesday, October 8th. BNP Paribas initiated coverage on Molson Coors Beverage in a research note on Monday, November 25th. They set a “neutral” rating and a $64.00 target price for the company. Needham & Company LLC initiated coverage on Molson Coors Beverage in a research report on Friday, December 6th. They set a “buy” rating and a $72.00 price objective for the company. Barclays boosted their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Finally, Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock opened at $55.27 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $11.39 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 2.38 and a beta of 0.86. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a 50-day simple moving average of $59.37 and a two-hundred day simple moving average of $55.61.

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

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 3.18%. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Central Pacific Bank Trust Division boosted its stake in Molson Coors Beverage by 11.1% during the 4th quarter. Central Pacific Bank Trust Division now owns 8,035 shares of the company’s stock valued at $461,000 after purchasing an additional 800 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Molson Coors Beverage by 42.6% during the fourth quarter. GAMMA Investing LLC now owns 4,695 shares of the company’s stock valued at $269,000 after purchasing an additional 1,402 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Molson Coors Beverage by 4.7% in the third quarter. Principal Financial Group Inc. now owns 211,812 shares of the company’s stock valued at $12,183,000 after acquiring an additional 9,510 shares in the last quarter. Synovus Financial Corp bought a new stake in Molson Coors Beverage during the third quarter worth $684,000. Finally, Tidal Investments LLC boosted its position in Molson Coors Beverage by 19.4% in the third quarter. Tidal Investments LLC now owns 30,362 shares of the company’s stock worth $1,746,000 after purchasing an additional 4,929 shares during the last quarter. 78.46% of the stock is owned by institutional investors.

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.