Citigroup Increases Molson Coors Beverage (NYSE:TAP) Price Target to $66.00

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. The firm currently has a neutral rating on the stock.

Several other brokerages have also issued reports on TAP. StockNews.com upgraded shares of Molson Coors Beverage from a hold rating to a buy rating in a research report on Friday, April 12th. Piper Sandler assumed coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a neutral rating and a $69.00 price target for the company. TheStreet raised Molson Coors Beverage from a c rating to a b- rating in a report on Tuesday, February 13th. Barclays increased their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an equal weight rating in a research report on Friday, April 12th. Finally, The Goldman Sachs Group raised shares of Molson Coors Beverage from a neutral rating to a buy rating and upped their price objective for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Molson Coors Beverage presently has an average rating of Hold and an average target price of $68.27.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock opened at $63.26 on Tuesday. The firm’s 50 day simple moving average is $64.75 and its 200 day simple moving average is $62.20. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 1-year low of $55.67 and a 1-year high of $70.90. The firm has a market capitalization of $13.65 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 2.31 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the company earned $1.30 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, analysts expect that Molson Coors Beverage will post 5.66 earnings per share 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. Investors of record on Friday, March 1st were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a dividend yield of 2.78%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 40.37%.

Insider Buying and Selling at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the transaction, the chief financial officer now directly 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 Securities & Exchange Commission, which is available through this link. 2.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Molson Coors Beverage

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Molson Coors Beverage by 6.1% in the first quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock worth $1,138,589,000 after buying an additional 1,235,013 shares during the period. State Street Corp boosted its position in shares of Molson Coors Beverage by 1.7% during the first quarter. State Street Corp now owns 8,727,747 shares of the company’s stock valued at $465,887,000 after purchasing an additional 143,757 shares in the last quarter. Capital International Investors grew 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 lifted its position in Molson Coors Beverage by 1.0% during the first quarter. Geode Capital Management LLC now owns 3,859,484 shares of the company’s stock valued at $198,998,000 after buying an additional 38,966 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Molson Coors Beverage by 76.0% during the 3rd 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 in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

About Molson Coors Beverage

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.