Molson Coors Beverage (NYSE:TAP) Downgraded to Hold Rating by StockNews.com

StockNews.com cut shares of Molson Coors Beverage (NYSE:TAP) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

Several other research analysts have also recently commented on the company. Barclays raised their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $57.00 to $70.00 in a report on Friday, December 6th. Needham & Company LLC started coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They issued a “buy” rating and a $72.00 target price on the stock. Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $52.00 to $74.00 in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage presently has a consensus rating of “Hold” and a consensus target price of $62.00.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $57.32 on Wednesday. The firm’s 50-day moving average is $59.36 and its 200-day moving average is $55.56. The company has a market cap of $11.81 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 2.38 and a beta of 0.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the business earned $1.92 earnings per share. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. Equities research analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.07%. The ex-dividend date was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is 39.64%.

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in Molson Coors Beverage by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,720 shares of the company’s stock worth $99,000 after purchasing an additional 182 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in shares of Molson Coors Beverage by 4.7% during the third quarter. Integrated Investment Consultants LLC now owns 4,154 shares of the company’s stock worth $239,000 after buying an additional 185 shares during the last quarter. Perpetual Ltd lifted its holdings in Molson Coors Beverage by 1.0% in the third quarter. Perpetual Ltd now owns 20,543 shares of the company’s stock valued at $1,182,000 after buying an additional 197 shares during the period. SkyView Investment Advisors LLC boosted its stake in Molson Coors Beverage by 1.8% in the second quarter. SkyView Investment Advisors LLC now owns 15,102 shares of the company’s stock valued at $768,000 after acquiring an additional 274 shares during the last quarter. Finally, Private Advisor Group LLC grew its holdings in Molson Coors Beverage by 0.9% during the 3rd quarter. Private Advisor Group LLC now owns 32,080 shares of the company’s stock worth $1,845,000 after acquiring an additional 277 shares during the period. Institutional investors own 78.46% of the company’s stock.

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.