Molson Coors Beverage (NYSE:TAP) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Molson Coors Beverage (NYSE:TAP) from a buy rating to a hold rating in a research note published on Saturday.

Several other brokerages also recently issued reports on TAP. Citigroup upgraded shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. UBS Group reduced their target price on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. JPMorgan Chase & Co. reduced their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Needham & Company LLC reduced their target price on Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Finally, Barclays reduced their target price on Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating for the company in a research report on Monday, May 12th. Eleven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $62.71.

Molson Coors Beverage Trading Down 0.4%

Shares of Molson Coors Beverage stock opened at $56.62 on Friday. The company’s fifty day simple moving average is $58.55 and its 200-day simple moving average is $58.46. The company has a market cap of $11.47 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 1.52 and a beta of 0.73. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $64.66.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company’s revenue was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 EPS. As a group, sell-side analysts expect that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.47 per share. The ex-dividend date is Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.32%. Molson Coors Beverage’s payout ratio is presently 37.83%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Golden State Wealth Management LLC increased its stake in shares of Molson Coors Beverage by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock valued at $25,000 after buying an additional 290 shares in the last quarter. Millstone Evans Group LLC increased its stake in shares of Molson Coors Beverage by 151.8% in the first quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock valued at $26,000 after buying an additional 255 shares in the last quarter. Elequin Capital LP acquired a new stake in shares of Molson Coors Beverage in the first quarter valued at $30,000. Financial Management Professionals Inc. increased its stake in shares of Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after buying an additional 493 shares in the last quarter. Finally, Eastern Bank acquired a new stake in shares of Molson Coors Beverage in the first quarter valued at $33,000. 78.46% of the stock is owned by institutional investors.

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.