Molson Coors Beverage (NYSE:TAP) Price Target Raised to $63.00

Molson Coors Beverage (NYSE:TAP) had its target price hoisted by Morgan Stanley from $60.00 to $63.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other equities research analysts have also commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price target on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. BNP Paribas began coverage on Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price for the company. Finally, Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price target for the company from $52.00 to $74.00 in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $62.73.

Molson Coors Beverage Price Performance

Molson Coors Beverage stock opened at $60.33 on Friday. 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. The stock’s 50 day moving average price is $56.50 and its two-hundred day moving average price is $56.36. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 2.07 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. On average, equities analysts predict that Molson Coors Beverage will post 5.79 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be paid a $0.47 dividend. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Thursday, February 27th. Molson Coors Beverage’s payout ratio is 39.64%.

Hedge Funds Weigh In On Molson Coors Beverage

A number of large investors have recently bought and sold shares of TAP. Norges Bank bought a new stake in shares of Molson Coors Beverage in the 4th quarter worth approximately $142,407,000. Thompson Siegel & Walmsley LLC bought a new stake in Molson Coors Beverage in the third quarter worth $48,202,000. State Street Corp boosted its holdings in Molson Coors Beverage by 8.4% in the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after acquiring an additional 681,757 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of Molson Coors Beverage in the fourth quarter worth $29,913,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Molson Coors Beverage in the fourth quarter worth $27,660,000. 78.46% of the stock is owned by hedge funds and other 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.