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

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

Other analysts have also issued reports about the stock. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and upped their target price for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. StockNews.com raised shares of Molson Coors Beverage from a hold rating to a buy rating in a research report on Friday, April 12th. Deutsche Bank Aktiengesellschaft increased their target price on Molson Coors Beverage from $64.00 to $65.00 and gave the company a hold rating in a report on Wednesday, April 17th. TheStreet raised Molson Coors Beverage from a c rating to a b- rating in a report on Tuesday, February 13th. Finally, Barclays upped their price objective on Molson Coors Beverage from $65.00 to $67.00 and gave the stock an equal weight rating in a research report on Friday, April 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $68.07.

Molson Coors Beverage Stock Down 0.4 %

Shares of TAP opened at $62.54 on Wednesday. Molson Coors Beverage has a 52-week low of $55.67 and a 52-week high of $70.90. The company has a market capitalization of $13.30 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 2.17 and a beta of 0.84. The stock has a fifty day simple moving average of $65.15 and a two-hundred day simple moving average of $62.34. 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 (NYSE:TAP) last posted its 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. The company had revenue of $2.79 billion for 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%. Molson Coors Beverage’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.30 earnings per share. As a group, equities analysts forecast that Molson Coors Beverage will post 5.66 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business 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 is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Thursday, February 29th. Molson Coors Beverage’s payout ratio is presently 40.37%.

Insider Activity

In related news, CFO Tracey Joubert sold 2,771 shares of the business’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 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 can be accessed through this link. Insiders own 2.71% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in Molson Coors Beverage by 76.0% in the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after acquiring an additional 1,500,269 shares during the last quarter. Morgan Stanley increased its stake in Molson Coors Beverage by 40.2% in the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after purchasing an additional 988,864 shares during the last quarter. Invesco Ltd. lifted its position in Molson Coors Beverage by 13.0% during the third quarter. Invesco Ltd. now owns 3,087,469 shares of the company’s stock worth $196,332,000 after buying an additional 355,694 shares during the period. Pacer Advisors Inc. boosted its stake in Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after buying an additional 2,121,211 shares during the last quarter. Finally, Norges Bank acquired a new stake in Molson Coors Beverage in the 4th quarter worth about $127,337,000. 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.