Molson Coors Beverage (NYSE:TAP) Downgraded to “Sell” at Citigroup

Citigroup lowered shares of Molson Coors Beverage (NYSE:TAP) from a neutral rating to a sell rating in a report issued on Wednesday morning, Marketbeat reports. They currently have $56.00 target price on the stock, down from their prior target price of $66.00.

Several other equities research analysts have also recently commented on the stock. Piper Sandler initiated 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. Deutsche Bank Aktiengesellschaft upped their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a hold rating in a report on Wednesday, April 17th. The Goldman Sachs Group raised shares of Molson Coors Beverage from a neutral rating to a buy rating and upped their target price for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a report on Tuesday, February 13th. Finally, StockNews.com raised shares of Molson Coors Beverage from a hold rating to a buy rating in a 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 stock. Based on data from MarketBeat, Molson Coors Beverage has a consensus rating of Hold and a consensus target price of $68.07.

Molson Coors Beverage Trading Down 0.7 %

Shares of NYSE:TAP opened at $63.70 on Wednesday. The company’s 50-day moving average price is $65.08 and its two-hundred day moving average price is $62.30. 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 has a one year low of $55.67 and a one year high of $70.90. The stock has a market capitalization of $13.54 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 2.23 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.78 billion. During the same period in the previous year, the firm posted $1.30 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities 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 announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Thursday, February 29th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio is presently 40.37%.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction that occurred 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 owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.71% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Czech National Bank grew its position in shares of Molson Coors Beverage by 0.5% during the 1st quarter. Czech National Bank now owns 32,580 shares of the company’s stock worth $2,191,000 after purchasing an additional 149 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in shares of Molson Coors Beverage by 1.5% during the 4th quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company’s stock worth $709,000 after purchasing an additional 174 shares in the last quarter. IMPACTfolio LLC boosted its position in shares of Molson Coors Beverage by 4.6% during the 4th quarter. IMPACTfolio LLC now owns 4,027 shares of the company’s stock worth $246,000 after acquiring an additional 176 shares in the last quarter. Syntax Advisors LLC boosted its position in shares of Molson Coors Beverage by 5.0% during the 3rd quarter. Syntax Advisors LLC now owns 3,866 shares of the company’s stock worth $246,000 after acquiring an additional 185 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of 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 in the last quarter. Institutional investors and hedge funds 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.