Molson Coors Beverage (NYSE:TAP) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of Molson Coors Beverage (NYSE:TAP - Free Report) in a report issued on Friday morning, Marketbeat reports. The brokerage issued a buy rating and a $72.00 target price on the stock.

Several other analysts have also recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Barclays lifted their price target on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an "underweight" rating in a report on Monday, November 11th. BNP Paribas initiated coverage on Molson Coors Beverage in a report on Monday, November 25th. They set a "neutral" rating and a $64.00 price target for the company. Wells Fargo & Company raised Molson Coors Beverage from an "underweight" rating to an "overweight" rating and lifted their price target for the stock from $52.00 to $74.00 in a report on Friday, November 8th. Finally, TD Cowen dropped their price target on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating for the company in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $62.00.

Molson Coors Beverage Stock Performance

Shares of TAP traded up $0.17 during mid-day trading on Friday, reaching $61.13. The company's stock had a trading volume of 2,207,038 shares, compared to its average volume of 1,963,675. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The stock has a market cap of $12.59 billion, a P/E ratio of 13.77, a PEG ratio of 2.39 and a beta of 0.85. The business has a 50-day simple moving average of $58.05 and a two-hundred day simple moving average of $54.73. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.13 billion. During the same period last year, the firm posted $1.92 earnings per share. The business's revenue was down 7.8% on a year-over-year basis. As a group, equities research analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage's payout ratio is presently 39.64%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TAP. Synovus Financial Corp acquired a new position in shares of Molson Coors Beverage in the 3rd quarter valued at about $684,000. Tidal Investments LLC lifted its stake in shares of Molson Coors Beverage by 19.4% in the 3rd quarter. Tidal Investments LLC now owns 30,362 shares of the company's stock valued at $1,746,000 after purchasing an additional 4,929 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Molson Coors Beverage in the 3rd quarter valued at about $262,000. World Investment Advisors LLC bought a new stake in Molson Coors Beverage in the 3rd quarter valued at about $3,153,000. Finally, Sanctuary Advisors LLC increased its position in Molson Coors Beverage by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 50,704 shares of the company's stock valued at $3,061,000 after buying an additional 4,486 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

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.