Citigroup Downgrades Molson Coors Beverage (NYSE:TAP) to Sell

Citigroup downgraded shares of Molson Coors Beverage (NYSE:TAP) from a neutral rating to a sell rating in a report released on Wednesday morning, MarketBeat Ratings reports. Citigroup currently has $56.00 target price on the stock, down from their prior target price of $66.00.

Other research analysts have also issued reports about the stock. StockNews.com raised shares of Molson Coors Beverage from a hold rating to a buy rating in a research report on Friday, April 12th. The Goldman Sachs Group raised shares of Molson Coors Beverage from a neutral rating to a buy rating and raised their price target for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Barclays raised their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an equal weight rating in a research report on Friday, April 12th. Piper Sandler started 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 target on the stock. Finally, TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a research report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of Hold and a consensus price target of $68.07.

Molson Coors Beverage Stock Down 0.7 %

Shares of NYSE TAP opened at $63.70 on Wednesday. The stock has a market capitalization of $13.54 billion, a P/E ratio of 14.61, a P/E/G ratio of 2.23 and a beta of 0.84. The company has a 50-day moving average price of $65.08 and a 200-day moving average price of $62.30. 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.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same period last year, the company earned $1.30 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Molson Coors Beverage will post 5.67 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.44 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.76%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s payout ratio is 40.37%.

Insider Activity

In other news, CFO Tracey Joubert sold 2,771 shares of the business’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 sale, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.71% of the company’s stock.

Institutional Trading of Molson Coors Beverage

Several hedge funds and other institutional investors have recently modified their holdings of TAP. Wedge Capital Management L L P NC grew its stake in Molson Coors Beverage by 31.3% during the first quarter. Wedge Capital Management L L P NC now owns 661,824 shares of the company’s stock valued at $44,508,000 after acquiring an additional 157,859 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in Molson Coors Beverage by 46.6% during the 1st quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock worth $39,000 after acquiring an additional 186 shares during the period. Summit Trail Advisors LLC bought a new stake in Molson Coors Beverage during the 1st quarter worth approximately $229,000. Raymond James Financial Services Advisors Inc. increased its holdings in Molson Coors Beverage by 211.5% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 86,265 shares of the company’s stock worth $5,801,000 after acquiring an additional 58,569 shares during the period. Finally, Kessler Investment Group LLC bought a new stake in Molson Coors Beverage during the 1st quarter worth approximately $5,825,000. Institutional investors own 78.46% of the company’s stock.

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.