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 trimmed by Bank of America from $72.00 to $62.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

TAP has been the topic of several other research reports. The Goldman Sachs Group upgraded Molson Coors Beverage from a neutral rating to a buy rating and upped their price objective for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. Citigroup cut Molson Coors Beverage from a neutral rating to a sell rating and reduced their price objective for the stock from $66.00 to $56.00 in a research note on Wednesday, April 24th. Evercore ISI dropped their target price on shares of Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a research report on Wednesday, April 17th. Finally, Piper Sandler initiated 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 analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued 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 $65.87.

Molson Coors Beverage Stock Down 0.3 %

Shares of NYSE:TAP opened at $57.08 on Wednesday. The firm 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. The company has a fifty day simple moving average of $65.07 and a 200 day simple moving average of $62.40. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. 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 earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.21. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $0.54 EPS. On average, equities research analysts anticipate that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

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

Insider Buying and Selling at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of the 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 completion of 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 document filed with the SEC, which is available at the SEC website. 2.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Molson Coors Beverage by 11.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,855 shares of the company’s stock worth $4,899,000 after acquiring an additional 7,557 shares during the period. Private Advisor Group LLC lifted its position in Molson Coors Beverage by 0.8% in the first quarter. Private Advisor Group LLC now owns 31,508 shares of the company’s stock worth $2,119,000 after purchasing an additional 250 shares during the period. True Vision MN LLC acquired a new stake in Molson Coors Beverage in the first quarter worth approximately $442,000. Caprock Group LLC boosted its stake in Molson Coors Beverage by 16.6% during the 1st quarter. Caprock Group LLC now owns 7,151 shares of the company’s stock valued at $481,000 after purchasing an additional 1,020 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Molson Coors Beverage by 220.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after purchasing an additional 336,496 shares during the period. Institutional investors 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.