Molson Coors Beverage (NYSE:TAP) Price Target Cut to $62.00 by Analysts at Bank of America

Molson Coors Beverage (NYSE:TAP) had its price target lowered by Bank of America from $72.00 to $62.00 in a report published on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts have also recently commented on the company. Piper Sandler assumed coverage on Molson Coors Beverage in a report on Friday, March 22nd. They issued a neutral rating and a $69.00 target price on the stock. Barclays increased 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. TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a research report on Tuesday, February 13th. StockNews.com raised Molson Coors Beverage from a hold rating to a buy rating in a research report on Friday, April 12th. Finally, JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $66.00 to $60.00 and set a neutral rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $65.53.

Molson Coors Beverage Trading Up 0.1 %

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

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

Molson Coors Beverage Increases Dividend

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

Insider Activity at Molson Coors Beverage

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the transaction, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.71% of the stock is owned by insiders.

Institutional Trading of Molson Coors Beverage

Large investors have recently bought and sold shares of the company. Tennessee Valley Asset Management Partners purchased a new stake in shares of Molson Coors Beverage during the fourth quarter worth $29,000. Montag A & Associates Inc. bought a new position in shares of Molson Coors Beverage in the fourth quarter valued at approximately $31,000. Stone House Investment Management LLC purchased a new position in Molson Coors Beverage during the third quarter valued at approximately $32,000. Raleigh Capital Management Inc. increased its holdings in Molson Coors Beverage by 2,087.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after acquiring an additional 501 shares during the period. Finally, Transcendent Capital Group LLC purchased a new stake in Molson Coors Beverage in the 4th quarter worth approximately $36,000. 78.46% of the stock is 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.