Molson Coors Beverage (NYSE:TAP) Given New $57.00 Price Target at Piper Sandler

Molson Coors Beverage (NYSE:TAP) had its target price cut by Piper Sandler from $69.00 to $57.00 in a report issued on Friday, Benzinga reports. They currently have a neutral rating on the stock.

TAP has been the topic of a number of other research reports. Barclays lowered Molson Coors Beverage from an equal weight rating to an underweight rating and lowered their price objective for the stock from $55.00 to $47.00 in a research note on Thursday. Wells Fargo & Company lowered their price objective on Molson Coors Beverage from $55.00 to $50.00 and set an underweight rating on the stock in a research note on Wednesday, July 10th. Citigroup lowered their price objective on Molson Coors Beverage from $53.00 to $47.00 and set a sell rating on the stock in a research note on Wednesday, July 10th. The Goldman Sachs Group raised Molson Coors Beverage from a neutral rating to a buy rating and boosted their price objective for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Finally, StockNews.com lowered Molson Coors Beverage from a buy rating to a hold rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned 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 $61.07.

Molson Coors Beverage Stock Down 1.3 %

Shares of TAP opened at $52.40 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. Molson Coors Beverage has a one year low of $49.19 and a one year high of $70.90. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 10.48, a PEG ratio of 1.98 and a beta of 0.81. The stock has a 50 day moving average price of $52.41 and a 200 day moving average price of $59.53.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate 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 period in the previous year, the business earned $0.54 earnings per share. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts forecast that Molson Coors Beverage will post 5.6 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.20%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Czech National Bank grew its holdings in shares of Molson Coors Beverage by 0.5% in the first quarter. Czech National Bank now owns 32,580 shares of the company’s stock valued at $2,191,000 after purchasing an additional 149 shares in the last quarter. Kestra Private Wealth Services LLC grew its holdings in shares of Molson Coors Beverage by 1.5% in the fourth quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company’s stock valued at $709,000 after purchasing an additional 174 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Molson Coors Beverage by 46.6% in the first quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock valued at $39,000 after purchasing an additional 186 shares in the last quarter. Linden Thomas Advisory Services LLC grew its holdings in shares of Molson Coors Beverage by 1.8% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 11,607 shares of the company’s stock valued at $710,000 after purchasing an additional 200 shares in the last quarter. Finally, Kentucky Retirement Systems grew its holdings in shares of Molson Coors Beverage by 1.5% in the fourth quarter. Kentucky Retirement Systems now owns 14,815 shares of the company’s stock valued at $907,000 after purchasing an additional 221 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

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.