Needham & Company LLC Reaffirms Buy Rating for Molson Coors Beverage (NYSE:TAP)

Needham & Company LLC restated their buy rating on shares of Molson Coors Beverage (NYSE:TAP - Free Report) in a report issued on Wednesday morning,Benzinga reports. They currently have a $72.00 price objective on the stock.

Several other brokerages also recently issued reports on TAP. Bank of America raised shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and upped their price target for the company from $57.00 to $70.00 in a report on Friday, December 6th. UBS Group reduced their price target on shares of Molson Coors Beverage from $60.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. JPMorgan Chase & Co. reduced their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday, January 30th. Barclays reduced their price objective on shares of Molson Coors Beverage from $51.00 to $48.00 and set an "underweight" rating on the stock in a research note on Friday, January 17th. Finally, BNP Paribas initiated coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They set a "neutral" rating and a $64.00 price objective on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of "Hold" and an average target price of $62.73.

Molson Coors Beverage Price Performance

TAP traded up $1.79 on Wednesday, hitting $60.33. 3,271,556 shares of the company were exchanged, compared to its average volume of 1,538,908. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The business's fifty day moving average is $56.50 and its 200 day moving average is $56.31. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The firm has a market capitalization of $12.43 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be given a $0.47 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $1.88 annualized dividend and a dividend yield of 3.12%. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's dividend payout ratio is presently 39.64%.

Institutional Investors Weigh In On Molson Coors Beverage

Large investors have recently made changes to their positions in the business. Truvestments Capital LLC grew its holdings in Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after purchasing an additional 202 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in Molson Coors Beverage during the 3rd quarter valued at $35,000. Quarry LP grew its holdings in Molson Coors Beverage by 55.1% during the 4th quarter. Quarry LP now owns 715 shares of the company's stock valued at $41,000 after purchasing an additional 254 shares in the last quarter. Gladius Capital Management LP acquired a new stake in Molson Coors Beverage during the 3rd quarter valued at $42,000. Finally, Catalyst Capital Advisors LLC grew its holdings in Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company's stock valued at $42,000 after purchasing an additional 428 shares in 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.