Molson Coors Beverage (NYSE:TAP) Price Target Cut to $62.00 by Analysts at Barclays

Molson Coors Beverage (NYSE:TAP) had its price objective cut by Barclays from $67.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts have also issued reports on TAP. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and increased their price target for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Piper Sandler initiated coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a neutral rating and a $69.00 target price for the company. Evercore ISI lowered their price objective on shares of Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating for the company in a research report on Wednesday, May 1st. StockNews.com raised shares of Molson Coors Beverage from a hold rating to a buy rating in a research note on Friday, April 12th. Finally, Bank of America cut their price objective on Molson Coors Beverage from $72.00 to $62.00 and set a neutral rating on the stock in a report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $65.53.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $57.85 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.50. The firm has a 50-day moving average of $64.77 and a 200-day moving average of $62.36. The company has a market cap of $12.30 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86. Molson Coors Beverage has a one year low of $55.67 and a one year high of $70.90.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. As a group, equities analysts forecast that Molson Coors Beverage will post 5.67 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

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

Insider Buying and Selling at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the sale, the chief financial officer now owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Molson Coors Beverage

Several institutional investors and hedge funds have recently added to or reduced their stakes in TAP. Tennessee Valley Asset Management Partners bought a new position in shares of Molson Coors Beverage in the fourth quarter valued at approximately $29,000. Montag A & Associates Inc. bought a new position in Molson Coors Beverage in the 4th quarter valued at $31,000. Stone House Investment Management LLC purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at $32,000. Raleigh Capital Management Inc. boosted its holdings in shares of Molson Coors Beverage by 2,087.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after buying an additional 501 shares during the last quarter. Finally, Transcendent Capital Group LLC bought a new position in Molson Coors Beverage during the fourth quarter valued at about $36,000. Hedge funds and other 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.