Evercore ISI Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $68.00

Molson Coors Beverage (NYSE:TAP) had its price target reduced by Evercore ISI from $70.00 to $68.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently issued reports on TAP. Citigroup downgraded shares of Molson Coors Beverage from a neutral rating to a sell rating and cut their price objective for the stock from $66.00 to $56.00 in a research report on Wednesday, April 24th. StockNews.com upgraded Molson Coors Beverage from a hold rating to a buy rating in a research note on Friday, April 12th. Piper Sandler started coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They set a neutral rating and a $69.00 price objective on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a report on Wednesday, April 17th. Finally, Barclays raised their price target 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. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of Hold and an average price target of $65.87.

Molson Coors Beverage Stock Down 0.3 %

TAP opened at $57.08 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock’s fifty day simple moving average is $65.07 and its 200 day simple moving average is $62.40. Molson Coors Beverage has a 1-year low of $55.67 and a 1-year high of $70.90. The stock has a market cap of $12.14 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 2.19 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.21. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company’s revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 earnings per share. As a group, research analysts expect that Molson Coors Beverage will post 5.66 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.08%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio (DPR) is 40.37%.

Insiders Place Their Bets

In other news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage 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 in the company, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Molson Coors Beverage

A number of hedge funds have recently made changes to their positions in TAP. Tennessee Valley Asset Management Partners acquired a new stake in Molson Coors Beverage in the fourth quarter valued at approximately $29,000. Montag A & Associates Inc. bought a new position in shares of Molson Coors Beverage in the 4th quarter valued at $31,000. Stone House Investment Management LLC bought a new position in shares of Molson Coors Beverage in the 3rd quarter valued at $32,000. Raleigh Capital Management Inc. grew its position 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 last quarter. Finally, Transcendent Capital Group LLC bought a new stake in Molson Coors Beverage during the 4th quarter worth $36,000. 78.46% of the stock is currently 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.