Piper Sandler Has Lowered Expectations for Molson Coors Beverage (NYSE:TAP) Stock Price

Molson Coors Beverage (NYSE:TAP - Free Report) had its price objective trimmed by Piper Sandler from $58.00 to $53.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other analysts have also weighed in on the company. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the stock a "buy" rating in a report on Tuesday, May 20th. Barclays lowered their price objective on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. UBS Group dropped their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Morgan Stanley reduced their price target on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $61.79.

Molson Coors Beverage Price Performance

Shares of TAP stock traded up $0.01 during trading hours on Monday, hitting $47.25. 2,633,495 shares of the company's stock were exchanged, compared to its average volume of 2,125,951. Molson Coors Beverage has a 12-month low of $47.05 and a 12-month high of $64.66. The company has a market capitalization of $9.55 billion, a PE ratio of 9.51, a PEG ratio of 1.76 and a beta of 0.72. The business's 50 day simple moving average is $53.91 and its 200-day simple moving average is $56.75. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business's quarterly revenue was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 earnings per share. On average, equities research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a $0.47 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.98%. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

Insider Activity

In related news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director now directly owns 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.71% of the company's stock.

Institutional Investors Weigh In On Molson Coors Beverage

Several institutional investors have recently modified their holdings of the business. Golden State Wealth Management LLC boosted its holdings in shares of Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after acquiring an additional 290 shares during the last quarter. Millstone Evans Group LLC boosted its holdings in Molson Coors Beverage by 151.8% in the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock worth $26,000 after purchasing an additional 255 shares during the last quarter. Elequin Capital LP purchased a new stake in Molson Coors Beverage in the first quarter worth approximately $30,000. Financial Management Professionals Inc. raised its stake in Molson Coors Beverage by 3,286.7% during the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after buying an additional 493 shares during the last quarter. Finally, Eastern Bank purchased a new stake in Molson Coors Beverage during the 1st quarter valued at $33,000. 78.46% of the stock is 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.