Molson Coors Beverage (NYSE:TAP) Earns "Buy" Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Molson Coors Beverage (NYSE:TAP - Free Report) in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a $72.00 target price on the stock.

Several other brokerages have also recently weighed in on TAP. Morgan Stanley lifted their price objective on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the stock an "equal weight" rating in a research note on Friday, February 14th. UBS Group increased their price objective on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. Barclays dropped their target price on Molson Coors Beverage from $62.00 to $61.00 and set an "equal weight" rating for the company in a research report on Thursday, March 27th. StockNews.com cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Friday, February 21st. Finally, Citigroup upgraded shares of Molson Coors Beverage from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $64.39.

Molson Coors Beverage Stock Performance

Shares of TAP stock traded down $0.32 on Tuesday, reaching $57.21. The stock had a trading volume of 1,701,328 shares, compared to its average volume of 2,061,644. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm's 50-day moving average is $59.69 and its two-hundred day moving average is $58.38. The firm has a market capitalization of $11.59 billion, a price-to-earnings ratio of 10.69, a P/E/G ratio of 1.52 and a beta of 0.69. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. On average, research analysts expect that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date was Thursday, February 27th. Molson Coors Beverage's payout ratio is currently 35.14%.

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors and hedge funds have recently bought and sold shares of TAP. Golden State Wealth Management LLC grew its stake in Molson Coors Beverage by 230.2% in the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after purchasing an additional 290 shares during the period. Financial Management Professionals Inc. grew its position in shares of Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after purchasing an additional 493 shares in the last quarter. Truvestments Capital LLC increased its position in shares of Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after buying an additional 202 shares during the period. First Financial Corp IN bought a new stake in Molson Coors Beverage during the 1st quarter worth approximately $37,000. Finally, CoreCap Advisors LLC raised its position in shares of Molson Coors Beverage by 10,716.7% in the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock worth $37,000 after buying an additional 643 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other 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.