Molson Coors Beverage (NYSE:TAP) Given New $53.00 Price Target at Evercore ISI

Key Points

• Evercore ISI has lowered the price target for Molson Coors Beverage from $58.00 to $53.00, indicating a potential 5.85% upside from the current price.
• Other analysts, including Morgan Stanley and Piper Sandler, have also recently adjusted their price targets for the stock, with recommendations ranging from "equal weight" to "neutral."
• Molson Coors Beverage reported an EPS of $2.05 for its last quarter, surpassing the consensus estimate of $1.83, despite a year-over-year revenue decline of 1.6%.

Molson Coors Beverage (NYSE:TAP - Free Report) had its target price cut by Evercore ISI from $58.00 to $53.00 in a report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also recently commented on the stock. Wall Street Zen cut shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Piper Sandler reduced their target price on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a report on Monday, June 23rd. UBS Group cut their price objective on shares of Molson Coors Beverage from $59.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, July 17th. JPMorgan Chase & Co. decreased their target price on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, July 31st. Finally, Barclays dropped their price target on Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating for the company in a report on Tuesday, July 15th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $58.12.

Molson Coors Beverage Stock Up 1.6%

Shares of NYSE TAP traded up $0.80 during trading hours on Wednesday, hitting $50.30. The company had a trading volume of 357,862 shares, compared to its average volume of 2,466,144. The stock has a market capitalization of $10.17 billion, a P/E ratio of 9.93, a price-to-earnings-growth ratio of 3.10 and a beta of 0.67. Molson Coors Beverage has a 1-year low of $46.94 and a 1-year high of $64.66. The firm's 50 day moving average is $49.97 and its 200-day moving average is $55.17. The company has a quick ratio of 0.59, a current ratio of 0.95 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.22. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the business earned $1.92 EPS. Molson Coors Beverage's revenue for the quarter was down 1.6% compared to the same quarter last year. On average, analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage's dividend payout ratio is currently 37.08%.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the sale, the director owned 27,595 shares in the company, valued at $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. LSV Asset Management increased its holdings in Molson Coors Beverage by 1.4% in the 1st quarter. LSV Asset Management now owns 6,369,498 shares of the company's stock worth $387,711,000 after purchasing an additional 86,601 shares in the last quarter. Clarkston Capital Partners LLC increased its stake in shares of Molson Coors Beverage by 0.7% in the first quarter. Clarkston Capital Partners LLC now owns 4,553,212 shares of the company's stock valued at $277,154,000 after buying an additional 33,535 shares during the period. Dimensional Fund Advisors LP raised its holdings in Molson Coors Beverage by 20.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,503,879 shares of the company's stock valued at $274,144,000 after buying an additional 750,388 shares during the last quarter. Geode Capital Management LLC boosted its position in Molson Coors Beverage by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 4,486,791 shares of the company's stock worth $214,860,000 after buying an additional 61,060 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Molson Coors Beverage by 16.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock worth $251,442,000 after acquiring an additional 595,203 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

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.