Molson Coors Beverage (NYSE:TAP) Upgraded by Barclays to Equal Weight Rating

Barclays upgraded shares of Molson Coors Beverage (NYSE:TAP) from an underweight rating to an equal weight rating in a report released on Thursday, Marketbeat Ratings reports. They currently have $62.00 price objective on the stock, up from their previous price objective of $56.00.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a report on Wednesday, February 12th. BNP Paribas began coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price for the company. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the company from $57.00 to $70.00 in a research report on Friday, December 6th. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Friday, February 21st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $63.67.

Molson Coors Beverage Price Performance

Shares of TAP opened at $59.68 on Thursday. The company has a market cap of $12.09 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.52 and a beta of 0.81. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The company’s fifty day simple moving average is $57.17 and its 200 day simple moving average is $57.38. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The business had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. On average, research analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were paid a $0.47 dividend. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.14%.

Institutional Investors Weigh In On Molson Coors Beverage

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of Molson Coors Beverage by 8.4% in the 3rd 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 in the last quarter. Geode Capital Management LLC raised its holdings in Molson Coors Beverage by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock valued at $245,308,000 after buying an additional 54,867 shares during the last quarter. Invesco Ltd. raised its holdings in Molson Coors Beverage by 4.2% in the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company’s stock valued at $217,200,000 after buying an additional 152,622 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Molson Coors Beverage by 12.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock valued at $215,146,000 after buying an additional 422,515 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Molson Coors Beverage by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after buying an additional 434,250 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

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.