Analysts Set Molson Coors Beverage (NYSE:TAP) Price Target at $63.26

Shares of Molson Coors Beverage (NYSE:TAP) have received a consensus rating of “Hold” from the fifteen ratings firms that are presently covering the stock, MarketBeat reports. Ten investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $63.26.

A number of analysts have weighed in on the stock. UBS Group decreased their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Barclays reduced their price objective on shares of Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating for the company in a research report on Monday, May 12th. Morgan Stanley reduced their price objective on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, May 9th. Wall Street Zen downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Finally, Berenberg Bank began coverage on shares of Molson Coors Beverage in a research report on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price objective for the company.

Insider Buying and Selling

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director now directly owns 27,595 shares in the company, valued at $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On Molson Coors Beverage

Large investors have recently modified their holdings of the company. Golden State Wealth Management LLC lifted its stake in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock valued at $25,000 after acquiring an additional 290 shares in the last quarter. Millstone Evans Group LLC lifted its stake in Molson Coors Beverage by 151.8% during the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock valued at $26,000 after acquiring an additional 255 shares in the last quarter. Elequin Capital LP bought a new position in Molson Coors Beverage during the 1st quarter valued at $30,000. Financial Management Professionals Inc. lifted its stake in Molson Coors Beverage by 3,286.7% during the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after acquiring an additional 493 shares in the last quarter. Finally, Eastern Bank bought a new position in Molson Coors Beverage during the 1st quarter valued at $33,000. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $52.20 on Friday. The company has a market capitalization of $10.55 billion, a PE ratio of 9.76, a P/E/G ratio of 1.52 and a beta of 0.72. The company has a 50 day simple moving average of $56.48 and a two-hundred day simple moving average of $57.75. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $64.66.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The business’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. Research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage’s dividend payout ratio is currently 37.83%.

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.