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

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

A number of analysts have recently commented on the company. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their target price for the stock from $57.00 to $70.00 in a research note on Friday, December 6th. Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. BNP Paribas began coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price for the company. StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Monday. Finally, TD Cowen cut their price objective 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.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP opened at $54.52 on Thursday. The company has a 50 day simple moving average of $59.22 and a two-hundred day simple moving average of $55.86. The stock has a market cap of $11.23 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 2.36 and a beta of 0.85. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. 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 posted 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. 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 quarterly revenue was down 7.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.92 earnings per share. As a group, analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TAP. Clark Estates Inc. NY grew its holdings in shares of 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 buying an additional 9,200 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Molson Coors Beverage by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company’s stock worth $2,046,000 after purchasing an additional 563 shares during the last quarter. Qsemble Capital Management LP boosted its holdings in shares of Molson Coors Beverage by 23.5% during the 3rd quarter. Qsemble Capital Management LP now owns 48,474 shares of the company’s stock worth $2,788,000 after purchasing an additional 9,234 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Molson Coors Beverage by 4.7% in the third quarter. Principal Financial Group Inc. now owns 211,812 shares of the company’s stock valued at $12,183,000 after purchasing an additional 9,510 shares during the last quarter. Finally, Quest Partners LLC lifted its position in Molson Coors Beverage by 252,400.0% during the second quarter. Quest Partners LLC now owns 17,675 shares of the company’s stock worth $898,000 after buying an additional 17,668 shares in the last quarter. 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.