Molson Coors Beverage (NYSE:TAP) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Molson Coors Beverage (NYSE:TAP) from a buy rating to a hold rating in a report published on Wednesday morning.

Several other research analysts have also recently commented on the stock. TD Cowen reduced their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. JPMorgan Chase & Co. increased their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. BNP Paribas started coverage on Molson Coors Beverage in a research report on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price on the stock. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price target for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, Needham & Company LLC initiated coverage on Molson Coors Beverage in a research note on Friday, December 6th. They issued a “buy” rating and a $72.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $57.32 on Wednesday. The stock’s fifty day simple moving average is $59.36 and its 200 day simple moving average is $55.56. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $11.81 billion, a PE ratio of 12.91, a PEG ratio of 2.38 and a beta of 0.85. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.13. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.92 earnings per share. On average, research analysts predict 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 was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, December 6th. Molson Coors Beverage’s payout ratio is 39.64%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TAP. State Street Corp lifted its holdings in Molson Coors Beverage by 8.4% during the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after purchasing an additional 681,757 shares during the last quarter. Pacer Advisors Inc. increased its position in Molson Coors Beverage by 66.5% during the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after buying an additional 2,155,842 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of 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 valued at $131,130,000 after acquiring an additional 434,685 shares in the last quarter. River Road Asset Management LLC increased its position in Molson Coors Beverage by 1.8% during the third quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock worth $96,475,000 after acquiring an additional 29,315 shares during the period. Finally, Thompson Siegel & Walmsley LLC acquired a new stake in Molson Coors Beverage in the 3rd quarter worth about $48,202,000. 78.46% of the stock is owned by 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.