Molson Coors Beverage (NYSE:TAP) Price Target Lowered to $56.00 at TD Cowen

Molson Coors Beverage (NYSE:TAP) had its price objective reduced by TD Cowen from $58.00 to $56.00 in a research report sent to investors on Tuesday, Marketbeat reports. TD Cowen currently has a hold rating on the stock.

Other research analysts have also recently issued reports about the company. JPMorgan Chase & Co. increased their price target on Molson Coors Beverage from $54.00 to $57.00 and gave the company a neutral rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the company a hold rating in a report on Wednesday, August 7th. Citigroup lowered their target price on shares of Molson Coors Beverage from $53.00 to $47.00 and set a sell rating on the stock in a report on Wednesday, July 10th. Bank of America cut their price target on shares of Molson Coors Beverage from $62.00 to $54.00 and set a neutral rating for the company in a research note on Wednesday, July 10th. Finally, Piper Sandler lifted their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a neutral rating in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $59.21.

Molson Coors Beverage Price Performance

Shares of TAP opened at $54.45 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The stock has a market capitalization of $11.54 billion, a P/E ratio of 10.89, a P/E/G ratio of 2.35 and a beta of 0.81. The company has a 50 day moving average of $54.49 and a 200-day moving average of $55.85.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The business had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter last year, the firm earned $1.78 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.74 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were paid a $0.44 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.23%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

Institutional Trading of Molson Coors Beverage

Institutional investors have recently bought and sold shares of the business. Creative Planning raised its position in shares of Molson Coors Beverage by 14.7% in the third quarter. Creative Planning now owns 18,890 shares of the company’s stock valued at $1,087,000 after buying an additional 2,418 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Molson Coors Beverage by 8.8% in the 3rd quarter. Sound Income Strategies LLC now owns 83,292 shares of the company’s stock valued at $4,791,000 after acquiring an additional 6,736 shares in the last quarter. Ritholtz Wealth Management bought a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at $223,000. Gateway Investment Advisers LLC acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter worth $213,000. Finally, Perpetual Ltd increased its position in shares of Molson Coors Beverage by 1.0% in the third quarter. Perpetual Ltd now owns 20,543 shares of the company’s stock worth $1,182,000 after purchasing an additional 197 shares during the period. Institutional investors 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.