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

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

Other equities research analysts have also recently issued reports about the company. Citigroup cut Molson Coors Beverage from a neutral rating to a sell rating and reduced their price objective for the stock from $66.00 to $56.00 in a research note on Wednesday, April 24th. Barclays boosted their target price on Molson Coors Beverage from $65.00 to $67.00 and gave the company an equal weight rating in a research report on Friday, April 12th. Evercore ISI lowered their price target on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating for the company in a research report on Wednesday. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and boosted their price objective for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. 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 equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage has an average rating of Hold and an average target price of $65.87.

Molson Coors Beverage Trading Down 0.3 %

TAP stock opened at $57.08 on Wednesday. The firm has a fifty day moving average price of $65.07 and a 200 day moving average price of $62.40. Molson Coors Beverage has a fifty-two week low of $55.67 and a fifty-two week high of $70.90. The firm has a market cap of $12.14 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 2.19 and a beta of 0.84. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The business’s revenue was up 10.7% on a year-over-year basis. During the same period last year, the company posted $0.54 EPS. Sell-side analysts anticipate that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a dividend of $0.44 per share. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.08%. Molson Coors Beverage’s dividend payout ratio is presently 40.37%.

Insider Activity at Molson Coors Beverage

In other Molson Coors Beverage 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 transaction, 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 can be accessed through this hyperlink. 2.71% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Molson Coors Beverage

Several institutional investors have recently bought and sold shares of TAP. Mirae Asset Global Investments Co. Ltd. boosted its position in Molson Coors Beverage by 11.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,855 shares of the company’s stock valued at $4,899,000 after acquiring an additional 7,557 shares in the last quarter. Private Advisor Group LLC lifted its stake in shares of Molson Coors Beverage by 0.8% during the 1st quarter. Private Advisor Group LLC now owns 31,508 shares of the company’s stock worth $2,119,000 after purchasing an additional 250 shares during the last quarter. True Vision MN LLC bought a new stake in Molson Coors Beverage during the first quarter valued at about $442,000. Caprock Group LLC grew its stake in Molson Coors Beverage by 16.6% in the first quarter. Caprock Group LLC now owns 7,151 shares of the company’s stock valued at $481,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Molson Coors Beverage by 220.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after purchasing an additional 336,496 shares during the last quarter. 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.