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 report released on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. TheStreet upgraded Molson Coors Beverage from a c rating to a b- rating in a report on Tuesday, February 13th. Barclays raised their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an equal weight rating in a report on Friday, April 12th. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a report on Friday, March 22nd. They issued a neutral rating and a $69.00 price objective for the company. The Goldman Sachs Group raised shares of Molson Coors Beverage from a neutral rating to a buy rating and increased their target price for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $65.53.

Molson Coors Beverage Trading Up 0.1 %

Shares of NYSE:TAP opened at $57.85 on Wednesday. The firm has a fifty day moving average of $64.77 and a two-hundred day moving average of $62.34. The company has a quick ratio of 0.50, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The firm has a market capitalization of $12.30 billion, a P/E ratio of 11.57, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86.

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

Molson Coors Beverage Increases Dividend

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

Insider Activity

In related news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Molson Coors Beverage

Several large investors have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its stake in 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 buying an additional 2,121,211 shares in the last quarter. Norges Bank acquired a new stake in shares of Molson Coors Beverage in the 4th quarter valued at $127,337,000. AQR Capital Management LLC grew its holdings in shares of Molson Coors Beverage by 76.0% in the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after purchasing an additional 1,500,269 shares during the last quarter. Morgan Stanley increased its position in shares of Molson Coors Beverage by 40.2% during the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after purchasing an additional 988,864 shares in the last quarter. Finally, Deutsche Bank AG lifted its holdings in Molson Coors Beverage by 57.4% during the 3rd quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock valued at $78,446,000 after purchasing an additional 449,971 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

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.