Jefferies Financial Group Trims Molson Coors Beverage (NYSE:TAP) Target Price to $57.00

Molson Coors Beverage (NYSE:TAP) had its target price cut by Jefferies Financial Group from $61.00 to $57.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a hold rating on the stock.

Other research analysts have also issued research reports about the stock. 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 report on Wednesday, April 17th. Evercore ISI lowered their target price on shares of Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, May 1st. StockNews.com cut shares of Molson Coors Beverage from a buy rating to a hold rating in a research note on Thursday, May 2nd. Barclays cut shares of Molson Coors Beverage from an equal weight rating to an underweight rating and lowered their target price for the company from $55.00 to $47.00 in a research note on Thursday. Finally, 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 target price on the stock. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Molson Coors Beverage presently has an average rating of Hold and a consensus price target of $61.07.

Molson Coors Beverage Stock Down 1.3 %

Shares of TAP opened at $52.40 on Thursday. The company has a 50-day simple moving average of $52.41 and a 200-day simple moving average of $59.53. The firm has a market capitalization of $11.10 billion, a P/E ratio of 10.48, a P/E/G ratio of 1.98 and a beta of 0.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $70.90.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. On average, equities research analysts expect that Molson Coors Beverage will post 5.6 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.36%. Molson Coors Beverage’s payout ratio is 35.20%.

Hedge Funds Weigh In On Molson Coors Beverage

Large investors have recently modified their holdings of the stock. Tennessee Valley Asset Management Partners acquired a new position in shares of Molson Coors Beverage during the fourth quarter worth approximately $29,000. Montag A & Associates Inc. acquired a new position in Molson Coors Beverage in the fourth quarter valued at approximately $31,000. Raleigh Capital Management Inc. lifted its holdings in Molson Coors Beverage by 2,087.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after buying an additional 501 shares during the period. Venturi Wealth Management LLC lifted its holdings in Molson Coors Beverage by 46.6% in 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. Finally, Transcendent Capital Group LLC acquired a new position in Molson Coors Beverage in the fourth quarter valued at approximately $36,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

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.