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

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

Several other analysts have also weighed in on TAP. Barclays raised their price objective on Molson Coors Beverage from $65.00 to $67.00 and gave the company an equal weight rating in a research note on Friday, April 12th. UBS Group dropped their price target on Molson Coors Beverage from $70.00 to $64.00 and set a neutral rating for the company in a research note on Wednesday. The Goldman Sachs Group raised Molson Coors Beverage from a neutral rating to a buy rating and upped their price objective for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. JPMorgan Chase & Co. dropped their price target on shares of Molson Coors Beverage from $66.00 to $60.00 and set a neutral rating for the company in a research note on Wednesday. Finally, Evercore ISI reduced their price target on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage presently has an average rating of Hold and a consensus price target of $65.53.

Molson Coors Beverage Trading Up 0.1 %

Shares of Molson Coors Beverage stock opened at $57.85 on Wednesday. The firm has a 50-day moving average of $64.86 and a 200-day moving average of $62.33. Molson Coors Beverage has a 52-week low of $55.67 and a 52-week high of $70.90. The stock has a market cap of $12.30 billion, a PE ratio of 11.57, a PEG ratio of 1.97 and a beta of 0.86. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.69.

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, topping the consensus estimate of $0.74 by $0.21. The company 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 9.47% and a net margin of 7.66%. Molson Coors Beverage’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 EPS. As a group, sell-side analysts forecast that Molson Coors Beverage will post 5.68 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.44 per share. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a yield of 3.04%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.20%.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction on Monday, February 12th. The shares were 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 directly owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.71% of the stock is owned by company insiders.

Institutional Trading of Molson Coors Beverage

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tennessee Valley Asset Management Partners bought a new stake in shares of Molson Coors Beverage during the 4th quarter valued at $29,000. Stone House Investment Management LLC bought a new position in shares of Molson Coors Beverage during the third quarter valued at approximately $32,000. Montag A & Associates Inc. purchased a new position in shares of Molson Coors Beverage during the fourth quarter valued at approximately $31,000. Raleigh Capital Management Inc. boosted its position in shares of Molson Coors Beverage by 2,087.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after purchasing an additional 501 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its stake in shares of Molson Coors Beverage by 46.6% in the 1st quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock worth $39,000 after buying an additional 186 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

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.