Molson Coors Beverage (NYSE:TAP) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Molson Coors Beverage (NYSE:TAP) from a hold rating to a buy rating in a report issued on Friday.

TAP has been the subject of several other research reports. TD Cowen cut their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. Barclays lifted their price objective on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. raised their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $70.00 in a report on Friday, December 6th. Finally, Needham & Company LLC initiated coverage on Molson Coors Beverage in a report on Friday, December 6th. They issued a “buy” rating and a $72.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $61.07 on Friday. The firm’s 50-day simple moving average is $58.53 and its 200 day simple moving average is $55.01. The stock has a market cap of $12.58 billion, a P/E ratio of 13.75, a P/E/G ratio of 2.38 and a beta of 0.85. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the business posted $1.92 EPS. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. Equities analysts expect that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.44 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 2.88%. Molson Coors Beverage’s payout ratio is 39.64%.

Hedge Funds Weigh In On Molson Coors Beverage

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its position in Molson Coors Beverage by 66.5% during the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after purchasing an additional 2,155,842 shares during the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter worth about $48,202,000. State Street Corp lifted its holdings in shares of Molson Coors Beverage by 8.4% during the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after buying an additional 681,757 shares during the last quarter. Millennium Management LLC grew its stake in shares of Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after buying an additional 645,847 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Molson Coors Beverage by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after buying an additional 434,685 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

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.