Brokerages Set Molson Coors Beverage (NYSE:TAP) Price Target at $62.00

Shares of Molson Coors Beverage (NYSE:TAP) have been given a consensus recommendation of “Hold” by the fourteen ratings firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $62.00.

A number of analysts have recently commented on the stock. TD Cowen cut their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC started coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They set a “buy” rating and a $72.00 price objective for the company. Barclays lifted their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Finally, Hsbc Global Res cut Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th.

Molson Coors Beverage Stock Performance

TAP opened at $59.25 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The company has a market capitalization of $12.21 billion, a price-to-earnings ratio of 13.34, a P/E/G ratio of 2.38 and a beta of 0.85. The business’s 50-day moving average price is $58.62 and its two-hundred day moving average price is $55.06. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

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, beating analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the firm earned $1.92 EPS. Molson Coors Beverage’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 fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds have recently bought and sold shares of the company. Clark Estates Inc. NY lifted its stake in Molson Coors Beverage by 18.1% during the third quarter. Clark Estates Inc. NY now owns 60,000 shares of the company’s stock worth $3,451,000 after purchasing an additional 9,200 shares during the last quarter. Wakefield Asset Management LLLP grew its position in Molson Coors Beverage by 124.5% in the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after acquiring an additional 29,552 shares during the last quarter. Qsemble Capital Management LP raised its stake in Molson Coors Beverage by 23.5% during the third quarter. Qsemble Capital Management LP now owns 48,474 shares of the company’s stock worth $2,788,000 after acquiring an additional 9,234 shares in the last quarter. Quest Partners LLC lifted its holdings in shares of Molson Coors Beverage by 252,400.0% in the second quarter. Quest Partners LLC now owns 17,675 shares of the company’s stock worth $898,000 after acquiring an additional 17,668 shares during the last quarter. Finally, 1832 Asset Management L.P. acquired a new stake in shares of Molson Coors Beverage in the 2nd quarter valued at approximately $1,237,000. 78.46% of the stock is owned by 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.