Molson Coors Beverage (NYSE:TAP) Given New $67.00 Price Target at Barclays

Molson Coors Beverage (NYSE:TAP) had its price target lifted by Barclays from $65.00 to $67.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

TAP has been the subject of several other research reports. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a neutral rating and a $69.00 price objective for the company. TheStreet upgraded shares of Molson Coors Beverage from a c rating to a b- rating in a research report on Tuesday, February 13th. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and boosted their target price for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Finally, StockNews.com cut shares of Molson Coors Beverage from a buy rating to a hold rating in a research report on Monday, March 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $68.20.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $64.76 on Friday. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The firm has a fifty day simple moving average of $64.71 and a 200 day simple moving average of $62.20. The stock has a market capitalization of $13.97 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 2.31 and a beta of 0.84. 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 (NYSE:TAP) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.30 earnings per share. Research analysts forecast that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, February 29th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a yield of 2.72%. Molson Coors Beverage’s dividend payout ratio is currently 40.37%.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the transaction, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Sound Income Strategies LLC raised its holdings in Molson Coors Beverage by 11.7% during the first quarter. Sound Income Strategies LLC now owns 70,768 shares of the company’s stock worth $4,759,000 after buying an additional 7,417 shares during the last quarter. Columbus Macro LLC purchased a new stake in shares of Molson Coors Beverage in the first quarter valued at about $1,213,000. CHICAGO TRUST Co NA purchased a new stake in shares of Molson Coors Beverage in the first quarter valued at about $224,000. Salem Investment Counselors Inc. raised its holdings in shares of Molson Coors Beverage by 990.7% in the first quarter. Salem Investment Counselors Inc. now owns 15,215 shares of the company’s stock valued at $1,023,000 after purchasing an additional 13,820 shares during the last quarter. Finally, Red Spruce Capital LLC raised its holdings in shares of Molson Coors Beverage by 11.1% in the first quarter. Red Spruce Capital LLC now owns 26,206 shares of the company’s stock valued at $1,762,000 after purchasing an additional 2,617 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.