Molson Coors Beverage (NYSE:TAP) Given New $68.00 Price Target at Evercore ISI

Molson Coors Beverage (NYSE:TAP) had its target price cut by Evercore ISI from $70.00 to $68.00 in a research note published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

TAP has been the subject of several other reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a research report on Wednesday, April 17th. Barclays upped their target price on 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 Molson Coors Beverage from a hold rating to a buy rating in a research note on Friday, April 12th. The Goldman Sachs Group raised Molson Coors Beverage from a neutral rating to a buy rating and upped their price target for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Finally, Piper Sandler initiated coverage on shares of Molson Coors Beverage in a report on Friday, March 22nd. They set a neutral rating and a $69.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $65.53.

Molson Coors Beverage Stock Up 0.1 %

NYSE TAP opened at $57.85 on Wednesday. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90. The stock has a market capitalization of $12.30 billion, a PE ratio of 11.57, a PEG ratio of 1.97 and a beta of 0.86. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.50. The business’s 50-day moving average is $64.86 and its 200 day moving average is $62.33.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the company earned $0.54 EPS. Sell-side analysts forecast that Molson Coors Beverage will post 5.68 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

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

Insider Buying and Selling at Molson Coors Beverage

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

Institutional Investors Weigh In On Molson Coors Beverage

Several institutional investors have recently modified their holdings of TAP. Czech National Bank raised its holdings in Molson Coors Beverage by 0.5% during the 1st quarter. Czech National Bank now owns 32,580 shares of the company’s stock valued at $2,191,000 after buying an additional 149 shares during the period. Kestra Private Wealth Services LLC grew its holdings in Molson Coors Beverage by 1.5% during the 4th quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company’s stock valued at $709,000 after purchasing an additional 174 shares during the last quarter. IMPACTfolio LLC grew its holdings in Molson Coors Beverage by 4.6% during the 4th quarter. IMPACTfolio LLC now owns 4,027 shares of the company’s stock valued at $246,000 after purchasing an additional 176 shares during the last quarter. Syntax Advisors LLC raised its position in Molson Coors Beverage by 5.0% in the 3rd quarter. Syntax Advisors LLC now owns 3,866 shares of the company’s stock worth $246,000 after purchasing an additional 185 shares during the period. Finally, Venturi Wealth Management LLC boosted its position in shares of Molson Coors Beverage by 46.6% during the first quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock valued at $39,000 after buying an additional 186 shares during the period. 78.46% of the stock is 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.