Molson Coors Beverage (NYSE:TAP) Downgraded to Sell at Citigroup

Molson Coors Beverage (NYSE:TAP) was downgraded by Citigroup from a “neutral” rating to a “sell” rating in a research note issued to investors on Wednesday, Marketbeat reports. They presently have a $56.00 price target on the stock, down from their prior price target of $66.00. Citigroup’s price objective indicates a potential downside of 10.86% from the stock’s previous close.

Several other analysts have also commented on TAP. StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, April 12th. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price objective for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Piper Sandler started coverage on Molson Coors Beverage in a report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. 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. Based on data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of “Hold” and an average price target of $68.07.

Molson Coors Beverage Stock Down 1.4 %

Molson Coors Beverage stock opened at $62.82 on Wednesday. The firm has a market cap of $13.36 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 2.22 and a beta of 0.84. Molson Coors Beverage has a 52 week low of $55.67 and a 52 week high of $70.90. The business’s 50-day moving average price is $65.13 and its 200 day moving average price is $62.31. 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, topping the consensus estimate of $1.12 by $0.07. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. Molson Coors Beverage’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.30 earnings per share. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 5.66 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage 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 owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Molson Coors Beverage by 2.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 316,691 shares of the company’s stock worth $21,297,000 after buying an additional 8,473 shares in the last quarter. Wedge Capital Management L L P NC raised its position in Molson Coors Beverage by 31.3% in the first quarter. Wedge Capital Management L L P NC now owns 661,824 shares of the company’s stock valued at $44,508,000 after purchasing an additional 157,859 shares during the period. Venturi Wealth Management LLC raised its position in Molson Coors Beverage by 46.6% in the first quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock valued at $39,000 after purchasing an additional 186 shares during the period. Summit Trail Advisors LLC purchased a new stake in Molson Coors Beverage in the first quarter valued at $229,000. Finally, Raymond James Financial Services Advisors Inc. raised its position in Molson Coors Beverage by 211.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 86,265 shares of the company’s stock valued at $5,801,000 after purchasing an additional 58,569 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.