Brokerages Set Molson Coors Beverage Company (NYSE:TAP) Target Price at $60.46

Shares of Molson Coors Beverage Company (NYSE:TAP) have been given a consensus recommendation of “Hold” by the sixteen brokerages that are covering the firm, MarketBeat Ratings reports. Twelve analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $60.12.

A number of research analysts have issued reports on TAP shares. Wall Street Zen downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Piper Sandler dropped their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating on the stock in a report on Monday, June 23rd. Bank of America lowered shares of Molson Coors Beverage from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $65.00 to $50.00 in a research note on Friday, June 27th. Morgan Stanley decreased their price target on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, May 9th. Finally, Needham & Company LLC cut their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a report on Monday, May 12th.

Molson Coors Beverage Stock Up 0.4%

TAP opened at $49.58 on Thursday. The firm’s 50-day simple moving average is $52.32 and its 200-day simple moving average is $56.07. The firm has a market cap of $10.02 billion, a price-to-earnings ratio of 9.98, a PEG ratio of 2.73 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. Molson Coors Beverage has a twelve month low of $46.94 and a twelve month high of $64.66.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the company earned $0.95 EPS. The firm’s quarterly revenue was down 11.3% on a year-over-year basis. Equities research analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage’s payout ratio is currently 37.83%.

Insider Activity at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director owned 27,595 shares in the company, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.71% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TAP. Norges Bank acquired a new position in Molson Coors Beverage during the fourth quarter worth about $142,407,000. Ameriprise Financial Inc. raised its stake in Molson Coors Beverage by 414.3% during the first quarter. Ameriprise Financial Inc. now owns 1,987,132 shares of the company’s stock worth $120,960,000 after acquiring an additional 1,600,748 shares in the last quarter. Fairfax Financial Holdings Ltd. Can bought a new stake in shares of Molson Coors Beverage during the fourth quarter worth about $68,010,000. KBC Group NV grew its holdings in shares of Molson Coors Beverage by 269.1% during the first quarter. KBC Group NV now owns 1,237,539 shares of the company’s stock worth $75,329,000 after purchasing an additional 902,296 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Molson Coors Beverage by 20.0% during the first quarter. Dimensional Fund Advisors LP now owns 4,503,879 shares of the company’s stock worth $274,144,000 after purchasing an additional 750,388 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

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.