Molson Coors Beverage (NYSE:TAP) Price Target Increased to $67.00 by Analysts at Barclays

Molson Coors Beverage (NYSE:TAP) had its target price increased by Barclays from $65.00 to $67.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the stock.

TAP has been the subject of a number of other research reports. TheStreet upgraded shares of Molson Coors Beverage from a c rating to a b- rating in a research note on Tuesday, February 13th. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and upped their price objective for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a neutral rating and a $69.00 price objective for the company. Finally, StockNews.com downgraded shares of Molson Coors Beverage from a buy rating to a hold rating in a research note on Monday, March 11th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $68.20.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $66.34 on Friday. 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 firm has a fifty day moving average price of $64.64 and a 200 day moving average price of $62.18. The company has a market cap of $14.31 billion, a P/E ratio of 15.22, a PEG ratio of 2.31 and a beta of 0.84. Molson Coors Beverage has a 12 month low of $54.17 and a 12 month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.30 earnings per share. Sell-side analysts predict 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 announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio is presently 40.37%.

Insider Activity

In related news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Columbus Macro LLC purchased a new position in Molson Coors Beverage in the first quarter valued at about $1,213,000. CHICAGO TRUST Co NA purchased a new position in Molson Coors Beverage in the first quarter valued at about $224,000. Salem Investment Counselors Inc. increased its holdings in Molson Coors Beverage by 990.7% in the first quarter. Salem Investment Counselors Inc. now owns 15,215 shares of the company’s stock valued at $1,023,000 after buying an additional 13,820 shares in the last quarter. Red Spruce Capital LLC increased its holdings in Molson Coors Beverage by 11.1% in the first quarter. Red Spruce Capital LLC now owns 26,206 shares of the company’s stock valued at $1,762,000 after buying an additional 2,617 shares in the last quarter. Finally, Park Avenue Securities LLC purchased a new position in Molson Coors Beverage in the first quarter valued at about $383,000. 78.46% of the stock is owned by hedge funds and other 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.