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

Molson Coors Beverage (NYSE:TAP) had its price objective cut by JPMorgan Chase & Co. from $66.00 to $60.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also recently weighed in on the company. Evercore ISI cut their price target on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating for the company in a report on Wednesday. Citigroup downgraded shares of Molson Coors Beverage from a neutral rating to a sell rating and cut their target price for the company from $66.00 to $56.00 in a research note on Wednesday, April 24th. Barclays lifted their price target 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. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a hold rating in a research note on Wednesday, April 17th. Finally, TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a research note on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $65.53.

Molson Coors Beverage Stock Up 0.1 %

TAP opened at $57.85 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.69. The company has a market cap of $12.30 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 1.97 and a beta of 0.86. Molson Coors Beverage has a one year low of $55.67 and a one year high of $70.90. The business’s fifty day moving average is $64.86 and its two-hundred day moving average is $62.33.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share 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 firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period last year, the firm posted $0.54 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts anticipate that Molson Coors Beverage will post 5.68 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

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

Insiders Place Their Bets

In related news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the sale, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.71% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Molson Coors Beverage

Several hedge funds and other institutional investors have recently modified their holdings of TAP. Pacer Advisors Inc. increased its holdings in shares of Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after acquiring an additional 2,121,211 shares during the last quarter. Norges Bank acquired a new stake in shares of Molson Coors Beverage during the fourth quarter worth $127,337,000. AQR Capital Management LLC lifted its position in shares of Molson Coors Beverage by 76.0% in the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after buying an additional 1,500,269 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Molson Coors Beverage by 40.2% in the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after buying an additional 988,864 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Molson Coors Beverage by 57.4% during the 3rd quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock valued at $78,446,000 after buying an additional 449,971 shares during 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.