Molson Coors Beverage (NYSE:TAP) Price Target Increased to $66.00 by Analysts at Citigroup

Molson Coors Beverage (NYSE:TAP) had its price target boosted by Citigroup from $63.00 to $66.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities research analysts have also recently commented on TAP. StockNews.com upgraded shares of Molson Coors Beverage from a hold rating to a buy rating in a report on Friday, April 12th. The Goldman Sachs Group raised shares of Molson Coors Beverage from a neutral rating to a buy rating and lifted their price objective for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Piper Sandler started coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They issued a neutral rating and a $69.00 price target on the stock. TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a research note on Tuesday, February 13th. Finally, Barclays increased their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an equal weight 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 assigned a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage currently has a consensus rating of Hold and an average price target of $68.73.

Molson Coors Beverage Trading Up 0.5 %

TAP opened at $64.23 on Tuesday. Molson Coors Beverage has a twelve month low of $55.67 and a twelve month high of $70.90. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average of $64.98 and a 200-day moving average of $62.23. The stock has a market cap of $13.85 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 2.21 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $1.30 earnings per share. On average, sell-side analysts predict that Molson Coors Beverage will post 5.67 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.44 per share. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.74%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 40.37%.

Insider Activity at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of the 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 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 SEC, 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 institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. lifted its position in shares of Molson Coors Beverage by 25.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 23,269 shares of the company’s stock worth $1,242,000 after purchasing an additional 4,792 shares during the period. American Century Companies Inc. boosted its holdings in shares of Molson Coors Beverage by 17.1% in the first quarter. American Century Companies Inc. now owns 18,462 shares of the company’s stock worth $985,000 after buying an additional 2,700 shares during the last quarter. US Bancorp DE lifted its holdings in Molson Coors Beverage by 45.7% during the first quarter. US Bancorp DE now owns 3,834 shares of the company’s stock valued at $205,000 after purchasing an additional 1,203 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Molson Coors Beverage by 4.5% during the first quarter. PNC Financial Services Group Inc. now owns 16,654 shares of the company’s stock valued at $889,000 after purchasing an additional 720 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its holdings in Molson Coors Beverage by 26.3% during the first quarter. Natixis Advisors L.P. now owns 14,411 shares of the company’s stock valued at $769,000 after purchasing an additional 3,001 shares in the last quarter. 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.