Piper Sandler Trims Molson Coors Beverage (NYSE:TAP) Target Price to $57.00

Molson Coors Beverage (NYSE:TAP) had its target price lowered by Piper Sandler from $69.00 to $57.00 in a report published on Friday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other analysts have also commented on the company. Barclays lowered Molson Coors Beverage from an equal weight rating to an underweight rating and decreased their price objective for the stock from $55.00 to $47.00 in a report on Thursday, July 18th. Jefferies Financial Group dropped their price target on Molson Coors Beverage from $61.00 to $57.00 and set a hold rating on the stock in a report on Thursday, July 18th. JPMorgan Chase & Co. cut their price objective on Molson Coors Beverage from $60.00 to $54.00 and set a neutral rating on the stock in a research report on Monday, July 15th. StockNews.com lowered Molson Coors Beverage from a buy rating to a hold rating in a research report on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a report on Wednesday, April 17th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. According to MarketBeat, Molson Coors Beverage has an average rating of Hold and a consensus price target of $61.07.

Molson Coors Beverage Trading Up 0.2 %

Shares of TAP stock opened at $52.51 on Friday. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $70.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. The stock has a 50 day simple moving average of $52.28 and a two-hundred day simple moving average of $59.47. The company has a market cap of $11.13 billion, a P/E ratio of 10.50, a PEG ratio of 1.98 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly 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. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business’s revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 earnings per share. Research analysts forecast that Molson Coors Beverage will post 5.6 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.35%. Molson Coors Beverage’s payout ratio is currently 35.20%.

Institutional Investors Weigh In On Molson Coors Beverage

Hedge funds have recently bought and sold shares of the stock. Capital International Investors lifted its position in Molson Coors Beverage by 10.7% in the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after buying an additional 939,142 shares during the last quarter. Pacer Advisors Inc. boosted its stake 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 purchasing an additional 2,121,211 shares in the last quarter. Norges Bank bought a new position in shares of Molson Coors Beverage during the 4th quarter valued at $127,337,000. Charles Schwab Investment Management Inc. raised its position in Molson Coors Beverage by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,638,115 shares of the company’s stock worth $100,269,000 after purchasing an additional 25,575 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Molson Coors Beverage by 12.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,396,489 shares of the company’s stock worth $85,479,000 after purchasing an additional 153,968 shares during the last quarter. 78.46% of the stock is currently 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.