Needham & Company LLC Lowers Molson Coors Beverage (NYSE:TAP) Price Target to $58.00

Key Points

• Analysts at Needham & Company LLC have cut Molson Coors Beverage's price target from $65.00 to $58.00, maintaining a "buy" rating on the stock.
• Despite recent adjustments, consensus among analysts indicates a target price of approximately $58.43, with 12 analysts rating it as a hold and 5 as a buy.
• Molson Coors Beverage reported better-than-expected quarterly earnings, with an EPS of $2.05, surpassing the consensus estimate by $0.22.

Molson Coors Beverage (NYSE:TAP - Free Report) had its target price lowered by Needham & Company LLC from $65.00 to $58.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms also recently commented on TAP. UBS Group reduced 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 note on Thursday, July 17th. Citigroup dropped their price objective on Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Sanford C. Bernstein reduced their target price on shares of Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a report on Wednesday, July 9th. Evercore ISI reduced their target price on Molson Coors Beverage from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Wednesday, July 30th. Finally, Morgan Stanley decreased their price target on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Eleven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $58.12.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock traded up $0.95 on Wednesday, reaching $50.45. 226,216 shares of the stock were exchanged, compared to its average volume of 2,464,912. The firm has a fifty day moving average price of $49.97 and a two-hundred day moving average price of $55.17. Molson Coors Beverage has a twelve month low of $46.94 and a twelve month high of $64.66. The stock has a market cap of $10.20 billion, a PE ratio of 9.95, a PEG ratio of 3.10 and a beta of 0.67. The company has a current ratio of 0.95, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, beating analysts' consensus estimates 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 firm 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 earnings per share. The company's revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a yield of 3.7%. Molson Coors Beverage's dividend payout ratio is presently 37.08%.

Insiders Place Their Bets

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the business'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 transaction of $75,034.57. Following the sale, the director owned 27,595 shares of the company's stock, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Molson Coors Beverage

Institutional investors have recently modified their holdings of the stock. Resona Asset Management Co. Ltd. acquired a new stake in shares of Molson Coors Beverage during the 4th quarter valued at about $3,096,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Molson Coors Beverage in the fourth quarter valued at approximately $267,000. Russell Investments Group Ltd. boosted its holdings in Molson Coors Beverage by 1.8% in the 4th quarter. Russell Investments Group Ltd. now owns 331,704 shares of the company's stock valued at $19,013,000 after purchasing an additional 5,943 shares during the last quarter. Cerity Partners LLC increased its stake in Molson Coors Beverage by 6.1% during the fourth quarter. Cerity Partners LLC now owns 97,602 shares of the company's stock worth $5,599,000 after acquiring an additional 5,602 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Molson Coors Beverage by 4.2% during the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock worth $217,200,000 after buying an additional 152,622 shares during the period. Hedge funds and other institutional investors own 78.46% of the company's stock.

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.