Molson Coors Beverage (NYSE:TAP) Price Target Lowered to $53.00 at Citigroup

Molson Coors Beverage (NYSE:TAP) had its target price decreased by Citigroup from $56.00 to $53.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Citigroup currently has a sell rating on the stock.

A number of other analysts have also issued reports on TAP. TheStreet raised Molson Coors Beverage from a c rating to a b- rating in a report on Tuesday, February 13th. Piper Sandler started coverage on Molson Coors Beverage in a report on Friday, March 22nd. They set a neutral rating and a $69.00 price objective on the stock. Bank of America decreased their price objective on Molson Coors Beverage from $72.00 to $62.00 and set a neutral rating on the stock in a report on Wednesday. UBS Group decreased their price objective on Molson Coors Beverage from $70.00 to $64.00 and set a neutral rating on the stock in a report on Wednesday. Finally, StockNews.com raised Molson Coors Beverage from a hold rating to a buy rating in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $65.87.

Molson Coors Beverage Stock Performance

TAP opened at $57.08 on Wednesday. The firm has a market capitalization of $12.14 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 2.19 and a beta of 0.84. The stock’s 50 day moving average price is $65.07 and its two-hundred day moving average price is $62.40. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS. On average, equities analysts forecast that Molson Coors Beverage will post 5.66 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a $0.44 dividend. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 annualized dividend and a yield of 3.08%. Molson Coors Beverage’s payout ratio is presently 40.37%.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Molson Coors Beverage

Several hedge funds and other institutional investors have recently made changes to their positions in TAP. Asset Management One Co. Ltd. increased its stake in shares of Molson Coors Beverage by 1.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 74,853 shares of the company’s stock valued at $4,760,000 after buying an additional 869 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Molson Coors Beverage by 5.4% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 76,766 shares of the company’s stock valued at $4,882,000 after buying an additional 3,900 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in shares of Molson Coors Beverage by 7.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,897 shares of the company’s stock valued at $2,156,000 after buying an additional 2,279 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at $271,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Molson Coors Beverage by 112.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 531,694 shares of the company’s stock valued at $33,810,000 after buying an additional 281,869 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Company Profile

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.