Molson Coors Beverage (NYSE:TAP) Cut to Sell at Citigroup

Citigroup lowered shares of Molson Coors Beverage (NYSE:TAP) from a neutral rating to a sell rating in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $56.00 price objective on the stock, down from their previous price objective of $66.00.

A number of other research firms have also recently weighed in on TAP. TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a research report on Tuesday, February 13th. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They set a neutral rating and a $69.00 price objective for the company. Barclays increased their price objective on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an equal weight rating in a research report on Friday, April 12th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a hold rating in a research report on Wednesday, April 17th. Finally, StockNews.com raised shares of Molson Coors Beverage from a hold rating to a buy rating in a research report on Friday, April 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $68.07.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock opened at $62.54 on Wednesday. The firm has a 50 day simple moving average of $65.14 and a 200-day simple moving average of $62.31. Molson Coors Beverage has a 1-year low of $55.67 and a 1-year high of $70.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.50. The stock has a market cap of $13.30 billion, a price-to-earnings ratio of 14.34, a price-to-earnings-growth ratio of 2.20 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the prior year, the company posted $1.30 EPS. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts expect that Molson Coors Beverage will post 5.66 EPS for the current year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a dividend of $0.44 per share. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a dividend yield of 2.81%. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s payout ratio is 40.37%.

Insider Transactions at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the sale, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The transaction was disclosed in a filing with the SEC, which is available through 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 bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Molson Coors Beverage by 2.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 316,691 shares of the company’s stock worth $21,297,000 after acquiring an additional 8,473 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in Molson Coors Beverage by 31.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 661,824 shares of the company’s stock worth $44,508,000 after acquiring an additional 157,859 shares in the last quarter. Venturi Wealth Management LLC increased its stake in Molson Coors Beverage by 46.6% in the first quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock valued at $39,000 after purchasing an additional 186 shares during the period. Summit Trail Advisors LLC acquired a new position in Molson Coors Beverage in the first quarter valued at $229,000. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Molson Coors Beverage by 211.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 86,265 shares of the company’s stock valued at $5,801,000 after purchasing an additional 58,569 shares during the period. 78.46% of the stock is currently 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.