Molson Coors Beverage (NYSE:TAP) Receives 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 research report sent to investors on Monday,Benzinga reports. They currently have a $72.00 target price on the stock.

TAP has been the subject of a number of other research reports. Citigroup upgraded shares of Molson Coors Beverage from a "sell" rating to a "neutral" rating and upped their price target for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. Morgan Stanley upped their target price on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an "equal weight" rating in a research note on Friday, February 14th. StockNews.com lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Friday, February 21st. Berenberg Bank started coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price target on the stock. Finally, UBS Group boosted their price target on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Eleven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of "Hold" and an average price target of $64.39.

Molson Coors Beverage Stock Performance

TAP stock traded up $0.01 on Monday, reaching $58.72. The company's stock had a trading volume of 1,549,253 shares, compared to its average volume of 2,083,305. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $65.24. The company has a market capitalization of $11.90 billion, a P/E ratio of 10.98, a price-to-earnings-growth ratio of 1.52 and a beta of 0.69. The firm has a fifty day moving average of $60.01 and a two-hundred day moving average of $58.22. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.17 by $0.13. The company had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. As a group, analysts predict that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a $0.47 dividend. This is an increase 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 3.20%. The ex-dividend date was Thursday, February 27th. Molson Coors Beverage's payout ratio is presently 35.14%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. HighTower Advisors LLC raised its stake in shares of Molson Coors Beverage by 123.3% during the 4th quarter. HighTower Advisors LLC now owns 18,258 shares of the company's stock worth $1,047,000 after purchasing an additional 10,080 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Molson Coors Beverage by 1.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company's stock worth $2,046,000 after buying an additional 563 shares in the last quarter. US Bancorp DE raised its position in shares of Molson Coors Beverage by 103.9% during the 4th quarter. US Bancorp DE now owns 19,285 shares of the company's stock valued at $1,106,000 after buying an additional 9,825 shares in the last quarter. Unified Investment Management purchased a new stake in Molson Coors Beverage during the fourth quarter valued at about $871,000. Finally, Wilsey Asset Management Inc. increased its position in shares of Molson Coors Beverage by 1.6% during the 4th quarter. Wilsey Asset Management Inc. now owns 550,539 shares of the company's stock valued at $31,557,000 after purchasing an additional 8,679 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

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.