Brokerages Set Molson Coors Beverage (NYSE:TAP) Price Target at $60.31

Shares of Molson Coors Beverage (NYSE:TAP) have earned a consensus recommendation of “Hold” from the thirteen research firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $60.31.

Several brokerages recently issued reports on TAP. Barclays boosted their price target on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. TD Cowen decreased their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. UBS Group boosted their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler increased their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th.

Molson Coors Beverage Stock Down 0.2 %

TAP stock opened at $60.36 on Wednesday. The business’s fifty day moving average price is $56.73 and its two-hundred day moving average price is $54.46. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 2.35 and a beta of 0.82. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the firm earned $1.92 earnings per share. Molson Coors Beverage’s revenue for the quarter was down 7.8% compared to the same quarter last year. On average, equities analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 2.92%. Molson Coors Beverage’s payout ratio is presently 39.64%.

Institutional Trading of Molson Coors Beverage

Hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. raised its holdings in Molson Coors Beverage by 66.5% in the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after buying an additional 2,155,842 shares during the last quarter. Capital International Investors raised its stake in shares of Molson Coors Beverage by 10.7% during the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock valued at $651,849,000 after acquiring an additional 939,142 shares during the last quarter. Thompson Siegel & Walmsley LLC acquired a new position in shares of Molson Coors Beverage during the third quarter worth $48,202,000. Ilex Capital Partners UK LLP acquired a new position in shares of Molson Coors Beverage during the first quarter worth $53,096,000. Finally, State Street Corp increased its holdings in Molson Coors Beverage by 8.4% in the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after purchasing an additional 681,757 shares during the period. 78.46% of the stock is 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.