Molson Coors Beverage (NYSE:TAP) Lowered to Hold at TD Cowen

TD Cowen downgraded shares of Molson Coors Beverage (NYSE:TAP) from a buy rating to a hold rating in a report released on Wednesday morning, MarketBeat reports. The brokerage currently has $58.00 price objective on the stock, down from their previous price objective of $68.00.

TAP has been the topic of a number of other reports. 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 research report on Wednesday, July 10th. Wells Fargo & Company dropped their price objective on shares of Molson Coors Beverage from $55.00 to $50.00 and set an underweight rating on the stock in a research note on Wednesday, July 10th. Bank of America reduced their target price on shares of Molson Coors Beverage from $62.00 to $54.00 and set a neutral rating for the company in a report on Wednesday, July 10th. StockNews.com lowered Molson Coors Beverage from a buy rating to a hold rating in a report on Thursday, May 2nd. Finally, 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. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage currently has an average rating of Hold and a consensus price target of $60.40.

Molson Coors Beverage Trading Up 0.4 %

NYSE:TAP opened at $52.33 on Wednesday. The stock has a 50-day simple moving average of $51.80 and a 200-day simple moving average of $58.66. 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 0.40, a quick ratio of 0.47 and a current ratio of 0.69. The stock has a market cap of $11.09 billion, a P/E ratio of 10.42, a P/E/G ratio of 2.26 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.24. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the prior year, the firm posted $1.78 earnings per share. Molson Coors Beverage’s revenue for the quarter was down .4% on a year-over-year basis. As a group, analysts anticipate that Molson Coors Beverage will post 5.56 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

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

Hedge Funds Weigh In On Molson Coors Beverage

Hedge funds have recently added to or reduced their stakes in the business. Achmea Investment Management B.V. grew its holdings in Molson Coors Beverage by 26.7% during the 2nd quarter. Achmea Investment Management B.V. now owns 225,653 shares of the company’s stock valued at $11,470,000 after buying an additional 47,543 shares during the last quarter. Forsta AP Fonden lifted its position in shares of Molson Coors Beverage by 4.8% in the second quarter. Forsta AP Fonden now owns 128,200 shares of the company’s stock valued at $6,516,000 after acquiring an additional 5,900 shares in the last quarter. Qsemble Capital Management LP lifted its position in shares of Molson Coors Beverage by 195.2% in the second quarter. Qsemble Capital Management LP now owns 39,240 shares of the company’s stock valued at $1,995,000 after acquiring an additional 25,949 shares in the last quarter. Andra AP fonden boosted its stake in shares of Molson Coors Beverage by 36.3% during the second quarter. Andra AP fonden now owns 116,500 shares of the company’s stock valued at $5,922,000 after acquiring an additional 31,000 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its position in Molson Coors Beverage by 471.2% during the 2nd quarter. Royal London Asset Management Ltd. now owns 452,692 shares of the company’s stock worth $23,010,000 after purchasing an additional 373,440 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other 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.