Barclays Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $61.00

Molson Coors Beverage (NYSE:TAP) had its target price cut by Barclays from $62.00 to $61.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other analysts have also recently commented on TAP. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. StockNews.com cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Friday, February 21st. UBS Group increased their price objective on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Morgan Stanley lifted their target price on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 price target on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and an average price target of $63.60.

Molson Coors Beverage Stock Down 0.7 %

Shares of NYSE TAP opened at $60.52 on Thursday. The business has a 50-day moving average of $58.11 and a two-hundred day moving average of $57.69. The company has a market capitalization of $12.26 billion, a price-to-earnings ratio of 11.31, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. On average, analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.88 annualized dividend and a dividend yield of 3.11%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s payout ratio is currently 35.14%.

Institutional Trading of Molson Coors Beverage

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. DoubleLine ETF Adviser LP increased its holdings in shares of Molson Coors Beverage by 1.7% in the fourth quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company’s stock valued at $590,000 after buying an additional 170 shares in the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Molson Coors Beverage by 1.2% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,017 shares of the company’s stock valued at $975,000 after purchasing an additional 199 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of Molson Coors Beverage by 7.4% in the 4th quarter. Venturi Wealth Management LLC now owns 2,935 shares of the company’s stock valued at $168,000 after purchasing an additional 202 shares during the period. Truvestments Capital LLC increased its stake in Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after purchasing an additional 202 shares in the last quarter. Finally, SRS Capital Advisors Inc. raised its holdings in Molson Coors Beverage by 38.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after buying an additional 203 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

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.