JPMorgan Chase & Co. Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $60.00

Molson Coors Beverage (NYSE:TAP) had its price objective lowered by JPMorgan Chase & Co. from $66.00 to $60.00 in a research note published on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other analysts have also recently commented on TAP. 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 research report on Wednesday, April 17th. Evercore ISI cut their target price on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating on the stock in a research report on Wednesday. Piper Sandler began coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They set a neutral rating and a $69.00 target price on the stock. StockNews.com upgraded Molson Coors Beverage from a hold rating to a buy rating in a research report on Friday, April 12th. Finally, Barclays lifted their target price on 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, eleven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of Hold and a consensus price target of $65.53.

Molson Coors Beverage Stock Up 0.1 %

Shares of NYSE TAP opened at $57.85 on Wednesday. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The company has a current ratio of 0.69, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a market cap of $12.30 billion, a P/E ratio of 11.57, a PEG ratio of 2.00 and a beta of 0.86. The business’s fifty day simple moving average is $64.77 and its 200-day simple moving average is $62.34.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.50 billion. During the same period last year, the firm earned $0.54 earnings per share. Molson Coors Beverage’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities analysts predict that Molson Coors Beverage will post 5.68 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.04%. This is an increase 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 (DPR) is presently 35.20%.

Insider Activity

In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors and hedge funds have recently bought and sold shares of TAP. Tennessee Valley Asset Management Partners purchased a new stake in Molson Coors Beverage in the 4th quarter valued at approximately $29,000. Montag A & Associates Inc. purchased a new position in shares of Molson Coors Beverage during the 4th quarter worth $31,000. Stone House Investment Management LLC purchased a new position in shares of Molson Coors Beverage during the 3rd quarter worth $32,000. Raleigh Capital Management Inc. lifted its stake in shares of 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 purchasing an additional 501 shares during the period. Finally, Transcendent Capital Group LLC purchased a new position in shares of Molson Coors Beverage during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

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.