Citigroup Has Lowered Expectations for Molson Coors Beverage (NYSE:TAP) Stock Price

Molson Coors Beverage (NYSE:TAP) had its price target reduced by equities research analysts at Citigroup from $56.00 to $51.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target points to a potential upside of 2.63% from the company’s current price.

Several other equities research analysts have also recently commented on TAP. UBS Group dropped their target price on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Wells Fargo & Company reduced their target price on shares of Molson Coors Beverage from $65.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday, June 25th. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the stock a “buy” rating in a report on Tuesday, May 20th. Berenberg Bank started coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They set a “buy” rating and a $86.90 target price for the company. Finally, Sanford C. Bernstein reduced their target price on shares of Molson Coors Beverage from $65.00 to $55.00 and set a “market perform” rating for the company in a report on Wednesday, July 9th. Thirteen analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $59.49.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $49.70 on Tuesday. Molson Coors Beverage has a 12 month low of $46.94 and a 12 month high of $64.66. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The firm has a market capitalization of $10.05 billion, a P/E ratio of 10.00, a P/E/G ratio of 2.72 and a beta of 0.69. The company’s fifty day moving average price is $51.56 and its two-hundred day moving average price is $55.76.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. On average, research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the sale, the director directly owned 27,595 shares in the company, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Golden State Wealth Management LLC raised its holdings in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock worth $25,000 after purchasing an additional 290 shares during the last quarter. Millstone Evans Group LLC grew its position in Molson Coors Beverage by 151.8% in the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock valued at $26,000 after purchasing an additional 255 shares during the period. Elequin Capital LP acquired a new stake in Molson Coors Beverage in the 1st quarter valued at $30,000. Financial Management Professionals Inc. grew its position in Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after purchasing an additional 493 shares during the period. Finally, Eastern Bank purchased a new position in Molson Coors Beverage during the 1st quarter worth $33,000. 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.