Molson Coors Beverage (NYSE:TAP) Given New $64.00 Price Target at UBS Group

Molson Coors Beverage (NYSE:TAP) had its price target cut by UBS Group from $70.00 to $64.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts have also recently issued reports about the stock. Citigroup cut shares of Molson Coors Beverage from a neutral rating to a sell rating and decreased their target price for the company from $66.00 to $56.00 in a research note on Wednesday, April 24th. JPMorgan Chase & Co. reduced their price objective on shares of Molson Coors Beverage from $66.00 to $60.00 and set a neutral rating for the company in a research report on Wednesday. Barclays upped their price objective on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an equal weight rating in a research report on Friday, April 12th. Bank of America reduced their price objective on shares of Molson Coors Beverage from $72.00 to $62.00 and set a neutral rating for the company in a research report on Wednesday. Finally, Piper Sandler began coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They set a neutral rating and a $69.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $65.53.

Molson Coors Beverage Stock Up 0.1 %

TAP stock opened at $57.85 on Wednesday. The firm’s fifty day simple moving average is $64.77 and its 200-day simple moving average is $62.34. The company has a market capitalization of $12.30 billion, a P/E ratio of 11.57, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.50. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.74 by $0.21. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.68 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.04%. The ex-dividend date was Thursday, February 29th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.20%.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the sale, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Molson Coors Beverage

Several institutional investors have recently added to or reduced their stakes in TAP. Pacer Advisors Inc. boosted its holdings in shares of Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after buying an additional 2,121,211 shares in the last quarter. Norges Bank acquired a new stake in Molson Coors Beverage in the fourth quarter valued at about $127,337,000. AQR Capital Management LLC lifted its position in Molson Coors Beverage by 76.0% in the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after purchasing an additional 1,500,269 shares during the period. Morgan Stanley lifted its position in Molson Coors Beverage by 40.2% in the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after purchasing an additional 988,864 shares during the period. Finally, Deutsche Bank AG lifted its position in Molson Coors Beverage by 57.4% in the third quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock valued at $78,446,000 after purchasing an additional 449,971 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

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.