Barclays Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $48.00

Molson Coors Beverage (NYSE:TAP) had its target price cut by Barclays from $51.00 to $48.00 in a research report released on Friday,Benzinga reports. They currently have an underweight rating on the stock.

A number of other research firms have also recently issued reports on TAP. JPMorgan Chase & Co. raised their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. UBS Group reduced their target price on shares of Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday. BNP Paribas started coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price on the stock. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Monday, January 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $61.79.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $55.33 on Friday. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.96 and a beta of 0.86. The firm has a fifty day moving average of $59.10 and a two-hundred day moving average of $55.96.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm 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 company posted $1.92 EPS. The business’s quarterly revenue was down 7.8% on a year-over-year basis. As a group, equities research analysts predict that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio (DPR) is 39.64%.

Hedge Funds Weigh In On Molson Coors Beverage

Several institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. increased its stake in Molson Coors Beverage by 66.5% during the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after purchasing an additional 2,155,842 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new position in Molson Coors Beverage during the third quarter worth about $48,202,000. State Street Corp boosted its holdings in Molson Coors Beverage by 8.4% during the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after purchasing an additional 681,757 shares during the last quarter. Millennium Management LLC grew its position in Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after purchasing an additional 645,847 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Molson Coors Beverage by 20.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after buying an additional 434,685 shares during the last quarter. Institutional investors and hedge funds 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.