Molson Coors Beverage (NYSE:TAP) Price Target Lowered to $62.00 at Bank of America

Molson Coors Beverage (NYSE:TAP) had its price target lowered by Bank of America from $72.00 to $62.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities research analysts also recently issued reports about the stock. The Goldman Sachs Group raised shares of Molson Coors Beverage from a neutral rating to a buy rating and increased their price objective for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. TheStreet raised Molson Coors Beverage from a c rating to a b- rating in a report on Tuesday, February 13th. Deutsche Bank Aktiengesellschaft raised their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the company a hold rating in a research note on Wednesday, April 17th. Citigroup cut Molson Coors Beverage from a neutral rating to a sell rating and lowered their price objective for the stock from $66.00 to $56.00 in a research report on Wednesday, April 24th. Finally, StockNews.com upgraded Molson Coors Beverage from a hold rating to a buy rating in a report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average price target of $65.87.

Molson Coors Beverage Stock Down 0.3 %

Molson Coors Beverage stock opened at $57.08 on Wednesday. The firm 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. 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 has a twelve month low of $55.67 and a twelve month high of $70.90. The stock’s fifty day simple moving average is $65.07 and its 200-day simple moving average is $62.40.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the company earned $0.54 EPS. Molson Coors Beverage’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, equities analysts expect that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently declared 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 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 currently 40.37%.

Insider Buying and Selling at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total value 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 $3,654,679.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tennessee Valley Asset Management Partners acquired a new stake in shares of Molson Coors Beverage during the fourth quarter worth $29,000. Montag A & Associates Inc. purchased a new position in Molson Coors Beverage during the 4th quarter worth $31,000. Stone House Investment Management LLC acquired a new stake in shares of Molson Coors Beverage in the 3rd quarter worth $32,000. Raleigh Capital Management Inc. lifted its stake in shares of Molson Coors Beverage by 2,087.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after acquiring an additional 501 shares during the period. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Molson Coors Beverage in the fourth quarter valued at about $36,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

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.