JPMorgan Chase & Co. Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $60.00

Molson Coors Beverage (NYSE:TAP) had its price target reduced by JPMorgan Chase & Co. from $66.00 to $60.00 in a research report sent to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other research analysts also recently commented on TAP. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and lifted their target price for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a report on Wednesday, April 17th. Barclays lifted their target price on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an equal weight rating in a report on Friday, April 12th. StockNews.com upgraded shares of Molson Coors Beverage from a hold rating to a buy rating in a report on Friday, April 12th. Finally, TheStreet upgraded shares of Molson Coors Beverage from a c rating to a b- rating in a report on Tuesday, February 13th. Two investment 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’s stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $65.53.

Molson Coors Beverage Trading Up 0.1 %

Shares of NYSE:TAP opened at $57.85 on Wednesday. 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 has a 12-month low of $55.67 and a 12-month high of $70.90. The firm has a fifty day moving average of $64.77 and a two-hundred day moving average of $62.34. The firm has a market capitalization of $12.30 billion, a P/E ratio of 11.57, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the business earned $0.54 EPS. Molson Coors Beverage’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities analysts expect that Molson Coors Beverage will post 5.68 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

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

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction that occurred on 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 owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Molson Coors Beverage

Several large investors have recently made changes to their positions in TAP. Pacer Advisors Inc. increased its position in shares of Molson Coors Beverage by 9,466.3% during the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after acquiring an additional 2,121,211 shares in the last quarter. Norges Bank bought a new stake in shares of Molson Coors Beverage during the fourth quarter worth $127,337,000. AQR Capital Management LLC increased its position in shares of Molson Coors Beverage by 76.0% during the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after acquiring an additional 1,500,269 shares in the last quarter. Morgan Stanley increased its position in shares of Molson Coors Beverage by 40.2% during the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after acquiring an additional 988,864 shares in the last quarter. Finally, Deutsche Bank AG boosted its holdings in Molson Coors Beverage by 57.4% during the third quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock worth $78,446,000 after purchasing an additional 449,971 shares during the last quarter. Institutional investors 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.