Molson Coors Beverage (NYSE:TAP) Price Target Cut to $65.00 by Analysts at Needham & Company LLC

Molson Coors Beverage (NYSE:TAP) had its price target reduced by Needham & Company LLC from $72.00 to $65.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Citigroup upgraded shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and lifted their target price for the company from $47.00 to $57.00 in a research note on Wednesday, February 5th. Berenberg Bank started coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 target price for the company. Barclays reduced their price objective on shares of Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Finally, UBS Group cut their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research note on Friday. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $62.71.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $54.96 on Monday. The firm’s 50 day moving average is $59.03 and its 200-day moving average is $58.43. The stock has a market capitalization of $11.14 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.52 and a beta of 0.73. 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 has a 12-month low of $49.19 and a 12-month high of $64.66.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The business’s revenue was down 11.3% on a year-over-year basis. During the same period last year, the business earned $0.95 earnings per share. Equities research analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a $0.47 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.88 annualized dividend and a dividend yield of 3.42%. Molson Coors Beverage’s dividend payout ratio is presently 37.83%.

Institutional Investors Weigh In On Molson Coors Beverage

Several large investors have recently made changes to their positions in the company. Golden State Wealth Management LLC grew its holdings in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock worth $25,000 after acquiring an additional 290 shares during the last quarter. Millstone Evans Group LLC boosted its stake in shares of Molson Coors Beverage by 151.8% in the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock valued at $26,000 after purchasing an additional 255 shares during the last quarter. Financial Management Professionals Inc. boosted its stake in shares of Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after purchasing an additional 493 shares during the last quarter. Eastern Bank acquired a new stake in shares of Molson Coors Beverage in the 1st quarter valued at approximately $33,000. Finally, Truvestments Capital LLC raised its position in shares of Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock valued at $34,000 after acquiring an additional 202 shares during the period. 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.