Molson Coors Beverage (NYSE:TAP) Downgraded by Barclays

Barclays cut shares of Molson Coors Beverage (NYSE:TAP) from an equal weight rating to an underweight rating in a report issued on Thursday, Marketbeat Ratings reports. Barclays currently has $47.00 price target on the stock, down from their prior price target of $55.00.

A number of other brokerages have also recently weighed in on TAP. JPMorgan Chase & Co. reduced their price target on shares of Molson Coors Beverage from $60.00 to $54.00 and set a neutral rating for the company in a research report on Monday, July 15th. Evercore ISI dropped their price target on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft boosted their price objective on Molson Coors Beverage from $64.00 to $65.00 and gave the company a hold rating in a research note on Wednesday, April 17th. Wells Fargo & Company lowered their target price on shares of Molson Coors Beverage from $55.00 to $50.00 and set an underweight rating on the stock in a research report on Wednesday, July 10th. Finally, Citigroup reduced their price target on shares of Molson Coors Beverage from $53.00 to $47.00 and set a sell rating for the company in a research report on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage has an average rating of Hold and an average target price of $61.07.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $52.40 on Thursday. The stock’s 50-day simple moving average is $52.41 and its 200-day simple moving average is $59.55. The firm has a market capitalization of $11.10 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 2.00 and a beta of 0.81. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $70.90. 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 (NYSE:TAP) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the company earned $0.54 earnings per share. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.67 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

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

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors have recently added to or reduced their stakes in TAP. First Horizon Advisors Inc. lifted its holdings in shares of Molson Coors Beverage by 783.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,049 shares of the company’s stock valued at $104,000 after buying an additional 1,817 shares during the period. Raymond James & Associates lifted its holdings in Molson Coors Beverage by 3.6% in the second quarter. Raymond James & Associates now owns 641,015 shares of the company’s stock valued at $32,583,000 after acquiring an additional 22,369 shares during the period. Shilanski & Associates Inc. boosted its position in shares of Molson Coors Beverage by 0.8% during the 2nd quarter. Shilanski & Associates Inc. now owns 41,057 shares of the company’s stock worth $2,087,000 after purchasing an additional 333 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Molson Coors Beverage by 80.7% during the 2nd quarter. Blue Trust Inc. now owns 1,807 shares of the company’s stock worth $92,000 after purchasing an additional 807 shares during the period. Finally, Wilsey Asset Management Inc. increased its holdings in shares of Molson Coors Beverage by 4.9% in the 2nd quarter. Wilsey Asset Management Inc. now owns 534,274 shares of the company’s stock valued at $27,157,000 after purchasing an additional 24,858 shares in the last quarter. Hedge funds and other institutional investors 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.