Deutsche Bank Aktiengesellschaft Trims Molson Coors Beverage (NYSE:TAP) Target Price to $56.00

Molson Coors Beverage (NYSE:TAP) had its price objective cut by Deutsche Bank Aktiengesellschaft from $62.00 to $56.00 in a report released on Thursday morning, Benzinga reports. They currently have a hold rating on the stock.

TAP has been the subject of several other research reports. Wells Fargo & Company reduced their price target on shares of Molson Coors Beverage from $55.00 to $50.00 and set an underweight rating for the company in a research report on Wednesday, July 10th. Citigroup cut their price objective 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. Piper Sandler cut their price objective on shares of Molson Coors Beverage from $69.00 to $57.00 and set a neutral rating for the company in a research report on Friday, July 19th. Evercore ISI cut their price objective on shares of Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating for the company in a research report on Wednesday, May 1st. Finally, Jefferies Financial Group cut their price objective on shares of Molson Coors Beverage from $61.00 to $57.00 and set a hold rating for the company in a research report on Thursday, July 18th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $60.47.

Molson Coors Beverage Stock Up 0.6 %

Shares of NYSE:TAP opened at $54.33 on Thursday. The company has a market capitalization of $11.51 billion, a PE ratio of 10.87, a P/E/G ratio of 2.09 and a beta of 0.81. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $70.89. The firm has a 50 day simple moving average of $51.99 and a 200-day simple moving average of $59.22.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.21. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 EPS. On average, equities analysts predict that Molson Coors Beverage will post 5.56 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

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 paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a yield of 3.24%. Molson Coors Beverage’s payout ratio is 35.20%.

Institutional Investors Weigh In On Molson Coors Beverage

Large investors have recently added to or reduced their stakes in the business. Corient Private Wealth LLC grew its stake in Molson Coors Beverage by 254.5% in the 4th quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock valued at $2,586,000 after acquiring an additional 30,323 shares during the last quarter. Vinva Investment Management Ltd grew its stake in Molson Coors Beverage by 91.5% in the 4th quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock valued at $5,909,000 after acquiring an additional 46,101 shares during the last quarter. Nordea Investment Management AB grew its stake in Molson Coors Beverage by 153.7% in the 1st quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after acquiring an additional 15,648 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Molson Coors Beverage by 220.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock worth $32,910,000 after purchasing an additional 336,496 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Molson Coors Beverage during the 4th quarter worth about $127,337,000. 78.46% of the stock is owned by institutional investors and hedge funds.

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.