UBS Group Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $58.00

Molson Coors Beverage (NYSE:TAP) had its price objective trimmed by UBS Group from $60.00 to $58.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities research analysts have also recently commented on TAP. Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They set a “buy” rating and a $72.00 price objective on the stock. Barclays raised their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Hsbc Global Res downgraded shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. BNP Paribas initiated coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They set a “neutral” rating and a $64.00 target price on the stock. Finally, TD Cowen cut their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus price target of $62.00.

Molson Coors Beverage Trading Up 0.9 %

NYSE TAP opened at $54.95 on Thursday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The company has a market capitalization of $11.32 billion, a PE ratio of 12.38, a P/E/G ratio of 1.96 and a beta of 0.86. The company has a fifty day moving average of $59.18 and a 200 day moving average of $55.85.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.13. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.92 EPS. Research analysts forecast that Molson Coors Beverage will post 5.79 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.20%. The ex-dividend date was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Institutional Investors Weigh In On Molson Coors Beverage

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its stake in shares of Molson Coors Beverage by 66.5% in the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after buying an additional 2,155,842 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in Molson Coors Beverage during the 3rd quarter valued at about $48,202,000. State Street Corp raised its holdings in Molson Coors Beverage by 8.4% in the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after acquiring an additional 681,757 shares during the last quarter. Millennium Management LLC lifted its stake 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 boosted its holdings in shares of Molson Coors Beverage by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after purchasing an additional 434,685 shares during 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.