Molson Coors Beverage (NYSE:TAP) PT Lowered to $54.00

Molson Coors Beverage (NYSE:TAP) had its price objective cut by Bank of America from $62.00 to $54.00 in a report released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts have also recently commented on the stock. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and upped their price target for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Barclays cut their price target on shares of Molson Coors Beverage from $62.00 to $55.00 and set an equal weight rating on the stock in a report on Wednesday, May 29th. StockNews.com cut shares of Molson Coors Beverage from a buy rating to a hold rating in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a report on Wednesday, April 17th. Finally, Wells Fargo & Company cut their price target on shares of Molson Coors Beverage from $55.00 to $50.00 and set an underweight rating on the stock in a report on Wednesday. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Molson Coors Beverage currently has a consensus rating of Hold and an average target price of $63.53.

Molson Coors Beverage Trading Up 1.0 %

TAP stock opened at $50.43 on Wednesday. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $70.90. The stock has a market capitalization of $10.68 billion, a price-to-earnings ratio of 10.09, a price-to-earnings-growth ratio of 1.81 and a beta of 0.81. The firm’s fifty day simple moving average is $53.24 and its two-hundred day simple moving average is $59.99.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data 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. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the previous year, the business posted $0.54 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. As a group, analysts anticipate that Molson Coors Beverage will post 5.69 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Friday, June 7th. Molson Coors Beverage’s payout ratio is 35.20%.

Institutional Trading of Molson Coors Beverage

Hedge funds have recently modified their holdings of the company. Tennessee Valley Asset Management Partners purchased a new stake in shares of Molson Coors Beverage during the fourth quarter valued at about $29,000. Montag A & Associates Inc. purchased a new stake in shares of Molson Coors Beverage during the fourth quarter valued at about $31,000. Raleigh Capital Management Inc. increased its holdings in shares of Molson Coors Beverage by 2,087.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after acquiring an additional 501 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Molson Coors Beverage during the fourth quarter valued at about $36,000. Finally, Allworth Financial LP increased its holdings in shares of Molson Coors Beverage by 179.4% during the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after acquiring an additional 400 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other 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.