Molson Coors Beverage (NYSE:TAP) Given New $56.00 Price Target at Barclays

Molson Coors Beverage (NYSE:TAP) had its target price hoisted by Barclays from $48.00 to $56.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an underweight rating on the stock.

A number of other research analysts also recently issued reports on TAP. UBS Group upped their price objective on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. BNP Paribas began coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus price target of $63.27.

Molson Coors Beverage Stock Up 0.3 %

TAP opened at $60.55 on Tuesday. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The firm has a market capitalization of $12.47 billion, a P/E ratio of 13.64, a PEG ratio of 2.07 and a beta of 0.85. The company’s 50-day moving average is $56.46 and its 200 day moving average is $56.47. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, February 13th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.17 by $0.13. The firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. Research analysts expect that Molson Coors Beverage will post 5.79 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be given a dividend of $0.47 per share. The ex-dividend date is Thursday, February 27th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a dividend yield of 3.10%. Molson Coors Beverage’s dividend payout ratio is currently 35.14%.

Hedge Funds Weigh In On Molson Coors Beverage

A number of large investors have recently modified their holdings of the company. Clark Estates Inc. NY lifted its stake in Molson Coors Beverage by 18.1% in the 3rd quarter. Clark Estates Inc. NY now owns 60,000 shares of the company’s stock worth $3,451,000 after purchasing an additional 9,200 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Molson Coors Beverage by 1.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company’s stock worth $2,046,000 after buying an additional 563 shares in the last quarter. Wilsey Asset Management Inc. boosted its stake in Molson Coors Beverage by 1.6% during the fourth quarter. Wilsey Asset Management Inc. now owns 550,539 shares of the company’s stock valued at $31,557,000 after buying an additional 8,679 shares during the period. Qsemble Capital Management LP boosted its stake in Molson Coors Beverage by 23.5% during the third quarter. Qsemble Capital Management LP now owns 48,474 shares of the company’s stock valued at $2,788,000 after buying an additional 9,234 shares during the period. Finally, Principal Financial Group Inc. grew its position in Molson Coors Beverage by 4.7% during the third quarter. Principal Financial Group Inc. now owns 211,812 shares of the company’s stock worth $12,183,000 after buying an additional 9,510 shares in 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.