JPMorgan Chase & Co. Trims Molson Coors Beverage (NYSE:TAP) Target Price to $60.00

Molson Coors Beverage (NYSE:TAP) had its price target reduced by JPMorgan Chase & Co. from $66.00 to $60.00 in a research note published on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other research analysts have also issued reports on TAP. Citigroup lowered shares of Molson Coors Beverage from a neutral rating to a sell rating and reduced their target price for the company from $66.00 to $56.00 in a research note on Wednesday, April 24th. TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a report on Tuesday, February 13th. Barclays upped their target price on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an equal weight rating in a research report on Friday, April 12th. Evercore ISI reduced their price target on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating on the stock in a research report on Wednesday. Finally, Piper Sandler assumed coverage on Molson Coors Beverage in a report on Friday, March 22nd. They issued a neutral rating and a $69.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Molson Coors Beverage has an average rating of Hold and a consensus target price of $65.53.

Molson Coors Beverage Trading Up 0.1 %

Shares of TAP stock opened at $57.85 on Wednesday. The company has a quick ratio of 0.50, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $12.30 billion, a P/E ratio of 11.57, a P/E/G ratio of 1.97 and a beta of 0.86. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The firm has a 50-day moving average price of $64.86 and a 200 day moving average price of $62.33.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company posted $0.54 earnings per share. Research analysts forecast that Molson Coors Beverage will post 5.68 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 dividend on an annualized basis and a yield of 3.04%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio is 35.20%.

Insider Transactions at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Kestra Private Wealth Services LLC grew its holdings in Molson Coors Beverage by 19.5% during the third quarter. Kestra Private Wealth Services LLC now owns 11,415 shares of the company’s stock worth $726,000 after purchasing an additional 1,859 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Molson Coors Beverage by 6,418.1% during the 4th quarter. International Assets Investment Management LLC now owns 151,416 shares of the company’s stock worth $9,268,000 after acquiring an additional 149,093 shares during the last quarter. SkyView Investment Advisors LLC raised its stake in Molson Coors Beverage by 3.4% in the 3rd quarter. SkyView Investment Advisors LLC now owns 12,343 shares of the company’s stock valued at $785,000 after acquiring an additional 408 shares during the period. Metis Global Partners LLC lifted its holdings in Molson Coors Beverage by 24.2% during the 3rd quarter. Metis Global Partners LLC now owns 11,201 shares of the company’s stock valued at $712,000 after purchasing an additional 2,183 shares during the last quarter. Finally, Beck Bode LLC bought a new position in Molson Coors Beverage during the fourth quarter worth $1,785,000. Institutional investors and hedge funds 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.