Molson Coors Beverage (NYSE:TAP) Given New $68.00 Price Target at Evercore ISI

Molson Coors Beverage (NYSE:TAP) had its price target cut by Evercore ISI from $70.00 to $68.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

TAP has been the topic of several other reports. Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They set a neutral rating and a $69.00 target price on the stock. TheStreet raised Molson Coors Beverage from a c rating to a b- rating in a research report on Tuesday, February 13th. Barclays raised their price objective 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. StockNews.com upgraded Molson Coors Beverage from a hold rating to a buy rating in a report on Friday, April 12th. Finally, The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and raised their price target for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $65.87.

Molson Coors Beverage Trading Down 0.3 %

Shares of TAP opened at $57.08 on Wednesday. The business’s 50-day moving average price is $65.07 and its 200 day moving average price is $62.40. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $12.14 billion, a P/E ratio of 13.09, a P/E/G ratio of 2.19 and a beta of 0.84. Molson Coors Beverage has a 1-year low of $55.67 and a 1-year high of $70.90.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period last year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts expect that Molson Coors Beverage will post 5.66 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 dividend on an annualized basis and a yield of 3.08%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio is presently 40.37%.

Insider Buying and Selling 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 shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the sale, 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 link. Corporate insiders own 2.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. increased its position in shares of Molson Coors Beverage by 1.2% during the third quarter. Asset Management One Co. Ltd. now owns 74,853 shares of the company’s stock valued at $4,760,000 after purchasing an additional 869 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Molson Coors Beverage by 5.4% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 76,766 shares of the company’s stock valued at $4,882,000 after buying an additional 3,900 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Molson Coors Beverage by 7.2% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,897 shares of the company’s stock worth $2,156,000 after acquiring an additional 2,279 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at about $271,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in Molson Coors Beverage by 112.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 531,694 shares of the company’s stock valued at $33,810,000 after acquiring an additional 281,869 shares during the period. 78.46% of the stock is owned by institutional investors.

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.