Molson Coors Beverage (NYSE:TAP) PT Raised to $66.00 at Citigroup

Molson Coors Beverage (NYSE:TAP) had its target price lifted by Citigroup from $63.00 to $66.00 in a research note released on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

TAP has been the subject of several other research reports. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and increased their price target for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a report on Friday, March 22nd. They issued a neutral rating and a $69.00 price target on the stock. TheStreet upgraded shares of Molson Coors Beverage from a c rating to a b- rating in a research report on Tuesday, February 13th. Barclays lifted their target price on shares of 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. Finally, StockNews.com upgraded shares of Molson Coors Beverage from a hold rating to a buy rating in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $68.73.

Molson Coors Beverage Stock Up 0.5 %

Molson Coors Beverage stock opened at $64.23 on Tuesday. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The firm’s fifty day moving average is $64.98 and its 200 day moving average is $62.23. The company has a market capitalization of $13.85 billion, a PE ratio of 14.73, a PEG ratio of 2.21 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly 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. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the previous year, the business posted $1.30 EPS. Molson Coors Beverage’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts predict that Molson Coors Beverage will post 5.67 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.44 dividend. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. This represents a $1.76 dividend on an annualized basis and a yield of 2.74%. Molson Coors Beverage’s payout ratio is presently 40.37%.

Insiders Place Their Bets

In other news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the sale, the chief financial officer now owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Molson Coors Beverage

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Molson Coors Beverage by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock worth $1,138,589,000 after acquiring an additional 1,235,013 shares in the last quarter. State Street Corp raised its holdings in Molson Coors Beverage by 1.7% during the 1st quarter. State Street Corp now owns 8,727,747 shares of the company’s stock valued at $465,887,000 after buying an additional 143,757 shares during the period. Capital International Investors increased its stake in Molson Coors Beverage by 1.0% in the first quarter. Capital International Investors now owns 4,721,084 shares of the company’s stock worth $252,011,000 after purchasing an additional 49,044 shares during the period. Geode Capital Management LLC increased its stake in Molson Coors Beverage by 1.0% in the first quarter. Geode Capital Management LLC now owns 3,859,484 shares of the company’s stock worth $198,998,000 after purchasing an additional 38,966 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Molson Coors Beverage by 76.0% during the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after buying an additional 1,500,269 shares during the period. Hedge funds and other 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.