Molson Coors Beverage (NYSE:TAP) Price Target Lowered to $48.00 at Barclays

Molson Coors Beverage (NYSE:TAP) had its target price lowered by Barclays from $51.00 to $48.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other research analysts have also issued reports on the stock. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their target price for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. UBS Group cut their price objective on Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday. StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Monday, January 13th. Finally, BNP Paribas initiated coverage on Molson Coors Beverage in a research report on Monday, November 25th. They issued a “neutral” rating and a $64.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $61.79.

Molson Coors Beverage Stock Performance

TAP opened at $55.33 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The company has a market cap of $11.40 billion, a PE ratio of 12.46, a price-to-earnings-growth ratio of 1.96 and a beta of 0.86. The stock has a 50-day moving average of $59.10 and a 200-day moving average of $55.89. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the business earned $1.92 earnings per share. The company’s revenue was down 7.8% on a year-over-year basis. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.79 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is 39.64%.

Institutional Trading of Molson Coors Beverage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TAP. Pacer Advisors Inc. boosted its holdings in Molson Coors Beverage by 66.5% during the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after purchasing an additional 2,155,842 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new position in shares of Molson Coors Beverage during the 3rd quarter worth approximately $48,202,000. State Street Corp grew its position 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 acquiring an additional 681,757 shares during the period. Millennium Management LLC grew its position in Molson Coors Beverage by 541.4% in the second quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after acquiring an additional 645,847 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after acquiring an additional 434,685 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

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.