Molson Coors Beverage (NYSE:TAP) PT Lowered to $53.00 at Citigroup

Molson Coors Beverage (NYSE:TAP - Free Report) had its price target reduced by Citigroup from $56.00 to $53.00 in a research note released on Wednesday, Benzinga reports. They currently have a sell rating on the stock.

A number of other equities analysts have also recently issued reports on TAP. JPMorgan Chase & Co. cut their price objective on Molson Coors Beverage from $66.00 to $60.00 and set a neutral rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a hold rating in a research report on Wednesday, April 17th. StockNews.com raised shares of Molson Coors Beverage from a hold rating to a buy rating in a research note on Friday, April 12th. The Goldman Sachs Group raised shares of Molson Coors Beverage from a neutral rating to a buy rating and increased their target price for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. Finally, Evercore ISI lowered their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $65.87.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock traded down $0.18 during trading on Wednesday, hitting $57.08. The stock had a trading volume of 2,840,016 shares, compared to its average volume of 1,748,615. The firm has a market cap of $12.14 billion, a price-to-earnings ratio of 13.14, a P/E/G ratio of 2.19 and a beta of 0.84. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The business's 50-day moving average is $65.07 and its 200 day moving average is $62.40. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the firm earned $0.54 earnings per share. Molson Coors Beverage's revenue was up 10.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 5.66 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, February 29th. 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 3.08%. Molson Coors Beverage's payout ratio is 40.37%.

Insider Activity at Molson Coors Beverage

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the business's 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 transaction, the chief financial officer now directly owns 60,538 shares of the company's stock, valued at approximately $3,654,679.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.71% of the stock is owned by corporate insiders.

Institutional Trading of Molson Coors Beverage

Several institutional investors and hedge funds have recently bought and sold shares of TAP. Kestra Private Wealth Services LLC lifted its position in Molson Coors Beverage by 19.5% during the third quarter. Kestra Private Wealth Services LLC now owns 11,415 shares of the company's stock valued at $726,000 after buying an additional 1,859 shares during the period. International Assets Investment Management LLC lifted its position in Molson Coors Beverage by 6,418.1% during the 4th 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 during the period. SkyView Investment Advisors LLC boosted its stake in Molson Coors Beverage by 3.4% during the third quarter. SkyView Investment Advisors LLC now owns 12,343 shares of the company's stock worth $785,000 after acquiring an additional 408 shares in the last quarter. Metis Global Partners LLC boosted its stake in Molson Coors Beverage by 24.2% during the third quarter. Metis Global Partners LLC now owns 11,201 shares of the company's stock worth $712,000 after acquiring an additional 2,183 shares in the last quarter. Finally, Savoir Faire Capital Management L.P. purchased a new stake in Molson Coors Beverage in the third quarter worth about $3,245,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

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.