Brokerages Set Molson Coors Beverage (NYSE:TAP) Target Price at $60.31

Molson Coors Beverage (NYSE:TAP) has been assigned an average recommendation of “Hold” from the thirteen analysts that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $60.31.

Several equities research analysts recently issued reports on TAP shares. 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. Barclays lifted their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. raised their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. Finally, UBS Group lifted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th.

Molson Coors Beverage Price Performance

NYSE TAP opened at $60.36 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 2.34 and a beta of 0.82. The business’s fifty day moving average price is $56.84 and its 200-day moving average price is $54.43.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results 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 business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period last year, the firm posted $1.92 earnings per share. On average, equities analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 2.92%. Molson Coors Beverage’s dividend payout ratio (DPR) is 39.64%.

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds have recently made changes to their positions in TAP. Family Firm Inc. purchased a new position in shares of Molson Coors Beverage during the 2nd quarter valued at about $26,000. Altshuler Shaham Ltd purchased a new position in shares of Molson Coors Beverage during the 2nd quarter valued at approximately $27,000. GPS Wealth Strategies Group LLC grew its position in shares of Molson Coors Beverage by 83.8% in the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after purchasing an additional 294 shares during the period. Ashton Thomas Securities LLC purchased a new stake in Molson Coors Beverage during the 3rd quarter worth approximately $35,000. Finally, Gladius Capital Management LP acquired a new position in Molson Coors Beverage in the 3rd quarter valued at $42,000. 78.46% of the stock is owned by institutional investors and hedge funds.

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.