Molson Coors Beverage (NYSE:TAP) Cut to “Neutral” at Bank of America

Bank of America lowered shares of Molson Coors Beverage (NYSE:TAP) from a buy rating to a neutral rating in a research report released on Friday morning, Marketbeat Ratings reports. The brokerage currently has $50.00 target price on the stock, down from their prior target price of $65.00.

Several other equities analysts also recently commented on the stock. Wall Street Zen downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the company a “buy” rating in a research note on Tuesday, May 20th. Needham & Company LLC reduced their target price on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Wells Fargo & Company decreased their price objective on Molson Coors Beverage from $65.00 to $58.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Berenberg Bank assumed coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price objective on the stock. Twelve research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $60.46.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $47.48 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 1 year low of $46.94 and a 1 year high of $64.66. The business has a fifty day simple moving average of $53.69 and a 200 day simple moving average of $56.65. The firm has a market cap of $9.60 billion, a price-to-earnings ratio of 9.55, a P/E/G ratio of 1.76 and a beta of 0.72.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The company’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. As a group, sell-side analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage’s dividend payout ratio is 37.83%.

Insider Activity

In other news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director now owns 27,595 shares of the company’s stock, valued at $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TAP. Bank of New York Mellon Corp lifted its stake in shares of Molson Coors Beverage by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after purchasing an additional 434,250 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Molson Coors Beverage in the 4th quarter valued at about $1,991,000. QRG Capital Management Inc. raised its stake in shares of Molson Coors Beverage by 6.2% in the 4th quarter. QRG Capital Management Inc. now owns 58,876 shares of the company’s stock valued at $3,375,000 after purchasing an additional 3,430 shares during the period. Private Trust Co. NA raised its stake in shares of Molson Coors Beverage by 53.1% in the 4th quarter. Private Trust Co. NA now owns 796 shares of the company’s stock valued at $46,000 after purchasing an additional 276 shares during the period. Finally, US Bancorp DE grew its holdings in shares of Molson Coors Beverage by 103.9% in the 4th quarter. US Bancorp DE now owns 19,285 shares of the company’s stock valued at $1,106,000 after acquiring an additional 9,825 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.