Molson Coors Beverage (NYSE:TAP) Downgraded by Citigroup to "Sell"

Citigroup cut shares of Molson Coors Beverage (NYSE:TAP - Free Report) from a neutral rating to a sell rating in a research report report published on Wednesday, Marketbeat Ratings reports. Citigroup currently has $56.00 price target on the stock, down from their previous price target of $66.00.

TAP has been the subject of several other research reports. Barclays lifted their price target 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. Piper Sandler began coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a neutral rating and a $69.00 price target for the company. The Goldman Sachs Group upgraded Molson Coors Beverage from a neutral rating to a buy rating and lifted their price objective for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on 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 upgraded 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 given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $68.07.

Molson Coors Beverage Price Performance

Molson Coors Beverage stock traded down $0.48 during midday trading on Wednesday, reaching $63.70. The company's stock had a trading volume of 2,444,491 shares, compared to its average volume of 1,674,923. Molson Coors Beverage has a fifty-two week low of $55.67 and a fifty-two week high of $70.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. The stock's 50 day simple moving average is $65.08 and its 200 day simple moving average is $62.30. The firm has a market capitalization of $13.54 billion, a PE ratio of 14.61, a P/E/G ratio of 2.23 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.07. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. Molson Coors Beverage's quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.30 earnings per share. On average, equities research analysts forecast that Molson Coors Beverage will post 5.67 earnings per share 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 paid a $0.44 dividend. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, February 29th. Molson Coors Beverage's payout ratio is currently 40.37%.

Insider Activity

In other news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the transaction, 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 Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.71% of the company's stock.

Hedge Funds Weigh In On Molson Coors Beverage

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wedge Capital Management L L P NC raised its position in shares of Molson Coors Beverage by 31.3% in the 1st quarter. Wedge Capital Management L L P NC now owns 661,824 shares of the company's stock valued at $44,508,000 after purchasing an additional 157,859 shares in the last quarter. Venturi Wealth Management LLC increased its holdings 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 valued at $39,000 after acquiring an additional 186 shares during the last quarter. Summit Trail Advisors LLC bought a new stake in shares of Molson Coors Beverage in the 1st quarter valued at approximately $229,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Molson Coors Beverage by 211.5% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 86,265 shares of the company's stock valued at $5,801,000 after acquiring an additional 58,569 shares during the last quarter. Finally, Kessler Investment Group LLC bought a new position in Molson Coors Beverage during the 1st quarter worth $5,825,000. 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.