Molson Coors Beverage (NYSE:TAP) Price Target Cut to $53.00 by Analysts at Citigroup

Molson Coors Beverage (NYSE:TAP) had its price objective trimmed by Citigroup from $56.00 to $53.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a sell rating on the stock.

Other equities analysts have also issued reports about the company. UBS Group decreased their target price on Molson Coors Beverage from $70.00 to $64.00 and set a neutral rating on the stock in a research note on Wednesday. The Goldman Sachs Group upgraded Molson Coors Beverage from a neutral rating to a buy rating and upped their target price for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. TheStreet upgraded Molson Coors Beverage from a c rating to a b- rating in a research note on Tuesday, February 13th. Barclays upped their target price on Molson Coors Beverage from $65.00 to $67.00 and gave the stock an equal weight rating in a research note on Friday, April 12th. Finally, Evercore ISI decreased their target price on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating on the stock in a research note 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’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $65.53.

Molson Coors Beverage Stock Up 0.1 %

TAP opened at $57.85 on Wednesday. The firm has a market capitalization of $12.30 billion, a P/E ratio of 11.57, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86. Molson Coors Beverage has a one year low of $55.67 and a one year high of $70.90. The company has a fifty day moving average price of $64.77 and a 200-day moving average price of $62.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.50.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.74 by $0.21. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. Equities research analysts expect that Molson Coors Beverage will post 5.68 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.44 dividend. This is a boost 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 dividend yield of 3.04%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.20%.

Insider Transactions at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now 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 the SEC website. Company insiders own 2.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Kestra Private Wealth Services LLC grew its holdings in shares of Molson Coors Beverage by 19.5% in the third quarter. Kestra Private Wealth Services LLC now owns 11,415 shares of the company’s stock worth $726,000 after purchasing an additional 1,859 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Molson Coors Beverage by 6,418.1% in the fourth quarter. International Assets Investment Management LLC now owns 151,416 shares of the company’s stock valued at $9,268,000 after acquiring an additional 149,093 shares in the last quarter. SkyView Investment Advisors LLC boosted its holdings in Molson Coors Beverage by 3.4% in the third quarter. SkyView Investment Advisors LLC now owns 12,343 shares of the company’s stock valued at $785,000 after acquiring an additional 408 shares in the last quarter. Metis Global Partners LLC boosted its holdings in Molson Coors Beverage by 24.2% in the third quarter. Metis Global Partners LLC now owns 11,201 shares of the company’s stock valued at $712,000 after acquiring an additional 2,183 shares in the last quarter. Finally, Beck Bode LLC bought a new stake in Molson Coors Beverage in the fourth quarter valued at $1,785,000. Institutional investors 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.