Barclays Trims Molson Coors Beverage (NYSE:TAP) Target Price to $62.00

Molson Coors Beverage (NYSE:TAP) had its price objective trimmed by Barclays from $67.00 to $62.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other research firms also recently commented on TAP. UBS Group reduced their price target on shares of Molson Coors Beverage from $70.00 to $64.00 and set a neutral rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price 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. Citigroup lowered their price target on Molson Coors Beverage from $56.00 to $53.00 and set a sell rating for the company in a report on Wednesday. Bank of America reduced their price objective on Molson Coors Beverage from $72.00 to $62.00 and set a neutral rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group upgraded Molson Coors Beverage from a neutral rating to a buy rating and upped their target price for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. 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. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $65.53.

Molson Coors Beverage Price Performance

Molson Coors Beverage stock traded up $0.05 during mid-day trading on Thursday, reaching $57.85. 2,054,717 shares of the company’s stock traded hands, compared to its average volume of 2,096,558. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The company has a market cap of $12.30 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 2.00 and a beta of 0.86. The stock has a 50 day moving average of $64.77 and a two-hundred day moving average of $62.32. The company has a quick ratio of 0.50, a current ratio of 0.69 and a debt-to-equity ratio of 0.40.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly 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 firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 earnings per share. Equities analysts forecast that Molson Coors Beverage will post 5.68 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 annualized dividend and a dividend yield of 3.04%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio is 35.20%.

Insider Transactions at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of the company’s 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 directly owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.71% of the company’s stock.

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Tennessee Valley Asset Management Partners acquired a new stake in Molson Coors Beverage during the 4th quarter valued at approximately $29,000. Stone House Investment Management LLC acquired a new position in Molson Coors Beverage during the third quarter valued at $32,000. Montag A & Associates Inc. purchased a new stake in Molson Coors Beverage in the fourth quarter valued at $31,000. 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 purchasing an additional 501 shares during the period. Finally, Venturi Wealth Management LLC raised its stake in shares of Molson Coors Beverage by 46.6% during the 1st quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock valued at $39,000 after buying an additional 186 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.