Citigroup Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $51.00

Molson Coors Beverage (NYSE:TAP - Get Free Report) had its price objective decreased by Citigroup from $56.00 to $51.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Citigroup's target price would suggest a potential upside of 1.29% from the stock's previous close.

Other research analysts also recently issued reports about the company. Wall Street Zen downgraded Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. UBS Group decreased their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Piper Sandler decreased their price target on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research note on Monday, June 23rd. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the company a "buy" rating in a research report on Tuesday, May 20th. Finally, Barclays decreased their price target on Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating for the company in a research note on Tuesday. Thirteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $59.12.

Molson Coors Beverage Stock Up 1.3%

Shares of TAP traded up $0.67 during trading on Tuesday, reaching $50.35. The company's stock had a trading volume of 2,108,255 shares, compared to its average volume of 2,151,685. The company has a fifty day moving average of $51.56 and a two-hundred day moving average of $55.76. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 10.13, a P/E/G ratio of 2.72 and a beta of 0.69. Molson Coors Beverage has a twelve month low of $46.94 and a twelve month high of $64.66. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46.

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

Insiders Place Their Bets

In other news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the sale, the director directly owned 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.71% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. DoubleLine ETF Adviser LP lifted its position in shares of Molson Coors Beverage by 1.7% during the 4th quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock worth $590,000 after purchasing an additional 170 shares during the last quarter. Twin Capital Management Inc. raised its stake in Molson Coors Beverage by 0.7% during the 1st quarter. Twin Capital Management Inc. now owns 24,791 shares of the company's stock valued at $1,509,000 after purchasing an additional 180 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in Molson Coors Beverage by 32.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock valued at $49,000 after purchasing an additional 198 shares during the last quarter. ProShare Advisors LLC raised its stake in Molson Coors Beverage by 0.4% during the 4th quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock valued at $2,809,000 after purchasing an additional 206 shares during the last quarter. Finally, Signet Financial Management LLC raised its position in shares of Molson Coors Beverage by 3.7% during the second quarter. Signet Financial Management LLC now owns 5,757 shares of the company's stock valued at $277,000 after buying an additional 208 shares during 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.