Molson Coors Beverage (NYSE:TAP) Price Target Cut to $42.00 by Analysts at Citigroup

Molson Coors Beverage (NYSE:TAP) had its price objective lowered by analysts at Citigroup from $47.00 to $42.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target indicates a potential upside of 7.27% from the company’s current price.

TAP has been the topic of a number of other reports. Wells Fargo & Company reduced their price objective on Molson Coors Beverage from $43.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 8th. JPMorgan Chase & Co. lowered their target price on Molson Coors Beverage from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, April 27th. Evercore dropped their target price on Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating for the company in a report on Tuesday, April 21st. Morgan Stanley reduced their price target on Molson Coors Beverage from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Monday, May 4th. Finally, Barclays decreased their price target on Molson Coors Beverage from $43.00 to $41.00 and set an “underweight” rating on the stock in a research note on Friday, May 1st. Four research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of “Hold” and a consensus target price of $44.35.

Molson Coors Beverage Price Performance

Shares of TAP stock traded down $0.72 during trading hours on Tuesday, hitting $39.16. 437,037 shares of the company’s stock were exchanged, compared to its average volume of 3,176,179. The company has a market capitalization of $7.34 billion, a PE ratio of -3.69 and a beta of 0.42. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.38. Molson Coors Beverage has a 12-month low of $38.04 and a 12-month high of $54.82. The business’s 50 day simple moving average is $40.48 and its 200-day simple moving average is $44.44.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.26. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS. On average, equities research analysts anticipate that Molson Coors Beverage will post 4.8 earnings per share for the current year.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the transaction, the director directly owned 9,871 shares in the company, valued at approximately $419,517.50. This represents a 11.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.27% of the company’s stock.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors have recently bought and sold shares of the stock. GoalVest Advisory LLC bought a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. grew its stake in Molson Coors Beverage by 84.1% in the fourth quarter. SBI Securities Co. Ltd. now owns 534 shares of the company’s stock worth $25,000 after purchasing an additional 244 shares during the period. Basepoint Wealth LLC purchased a new stake in Molson Coors Beverage in the fourth quarter worth $26,000. Smartleaf Asset Management LLC raised its holdings in Molson Coors Beverage by 64.2% in the second quarter. Smartleaf Asset Management LLC now owns 565 shares of the company’s stock worth $27,000 after purchasing an additional 221 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in Molson Coors Beverage by 551.1% during the fourth quarter. Larson Financial Group LLC now owns 612 shares of the company’s stock valued at $29,000 after buying an additional 518 shares during the period. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.