Molson Coors Beverage’s (TAP) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Molson Coors Beverage (NYSE:TAP) in a research note released on Wednesday,Benzinga reports. They currently have a $72.00 target price on the stock.

Several other brokerages also recently issued reports on TAP. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. JPMorgan Chase & Co. dropped their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Sunday, February 2nd. Barclays reduced their price target on Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Finally, Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the company from $57.00 to $70.00 in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $62.36.

Molson Coors Beverage Stock Down 1.1 %

Molson Coors Beverage stock opened at $53.39 on Wednesday. The stock’s 50 day moving average price is $56.57 and its 200 day moving average price is $56.25. The company has a market cap of $11.00 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Friday, December 6th. Molson Coors Beverage’s payout ratio is 39.64%.

Institutional Investors Weigh In On Molson Coors Beverage

Several large investors have recently modified their holdings of TAP. ExodusPoint Capital Management LP bought a new position in shares of Molson Coors Beverage in the 4th quarter valued at about $21,496,000. Arete Wealth Advisors LLC raised its position in shares of Molson Coors Beverage by 41.2% in the fourth quarter. Arete Wealth Advisors LLC now owns 16,524 shares of the company’s stock valued at $945,000 after buying an additional 4,819 shares in the last quarter. Cinctive Capital Management LP bought a new stake in shares of Molson Coors Beverage during the 4th quarter valued at $679,000. Geode Capital Management LLC grew its stake in Molson Coors Beverage by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock worth $245,308,000 after buying an additional 54,867 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Molson Coors Beverage by 8.4% in the fourth quarter. National Bank of Canada FI now owns 400,842 shares of the company’s stock valued at $22,976,000 after acquiring an additional 30,913 shares during the last quarter. 78.46% of the stock is currently 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.