Citigroup Cuts Molson Coors Beverage (NYSE:TAP) Price Target to $42.00

Molson Coors Beverage (NYSE:TAP) had its price target decreased by Citigroup from $47.00 to $42.00 in a report published on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other brokerages have also issued reports on TAP. TD Cowen raised shares of Molson Coors Beverage to a “hold” rating in a research report on Friday, June 26th. Evercore cut their price objective on shares of Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating for the company in a research report on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $42.00 target price on shares of Molson Coors Beverage in a research note on Friday, May 1st. UBS Group decreased their target price on Molson Coors Beverage from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Finally, Sanford C. Bernstein lowered their price target on Molson Coors Beverage from $74.00 to $45.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 26th. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $44.06.

Molson Coors Beverage Price Performance

NYSE TAP opened at $41.74 on Tuesday. Molson Coors Beverage has a twelve month low of $38.04 and a twelve month high of $54.82. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54. The stock has a market capitalization of $7.83 billion, a PE ratio of -3.92 and a beta of 0.42. The stock has a 50-day simple moving average of $40.32 and a 200 day simple moving average of $44.30.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.26. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 EPS. Research analysts anticipate that Molson Coors Beverage will post 4.8 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were paid a dividend of $0.48 per share. The ex-dividend date was Friday, May 29th. This represents a $1.92 dividend on an annualized basis and a yield of 4.6%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently -18.05%.

Insiders Place Their Bets

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of Molson Coors Beverage stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the sale, the director directly owned 9,871 shares of the company’s stock, valued at approximately $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.27% of the company’s stock.

Hedge Funds Weigh In On Molson Coors Beverage

A number of hedge funds have recently modified their holdings of TAP. Caxton Associates LLP bought a new stake in Molson Coors Beverage in the first quarter valued at $202,000. United Services Automobile Association bought a new position in shares of Molson Coors Beverage during the first quarter valued at $215,000. Woodline Partners LP lifted its holdings in shares of Molson Coors Beverage by 38.7% during the first quarter. Woodline Partners LP now owns 14,546 shares of the company’s stock valued at $885,000 after acquiring an additional 4,056 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Molson Coors Beverage by 32.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company’s stock valued at $49,000 after purchasing an additional 198 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Molson Coors Beverage by 4.7% in the 2nd quarter. First Trust Advisors LP now owns 413,578 shares of the company’s stock valued at $19,889,000 after purchasing an additional 18,566 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.