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

Molson Coors Beverage (NYSE:TAP) had its price target lifted by Citigroup from $63.00 to $66.00 in a research report released on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts also recently weighed in on TAP. TheStreet raised shares of Molson Coors Beverage from a c rating to a b- rating in a research report on Tuesday, February 13th. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They issued a neutral rating and a $69.00 price objective for the company. The Goldman Sachs Group raised shares of Molson Coors Beverage from a neutral rating to a buy rating and lifted their price objective for the company from $66.00 to $75.00 in a research report 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. Finally, Barclays lifted their price objective 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. One 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. According to data from MarketBeat, Molson Coors Beverage presently has an average rating of Hold and an average price target of $68.73.

Molson Coors Beverage Stock Up 0.5 %

Molson Coors Beverage stock opened at $63.88 on Tuesday. The company has a market cap of $13.78 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 2.21 and a beta of 0.84. Molson Coors Beverage has a 1-year low of $55.67 and a 1-year high of $70.90. The company has a fifty day simple moving average of $64.90 and a 200 day simple moving average of $62.22. 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 (NYSE:TAP) last released its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 earnings per share. Research analysts anticipate 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 disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.44 dividend. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a yield of 2.76%. Molson Coors Beverage’s payout ratio is 40.37%.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the sale, the chief financial officer now owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.71% of the company’s stock.

Institutional Trading of Molson Coors Beverage

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Czech National Bank raised its stake in Molson Coors Beverage by 0.5% in the 1st quarter. Czech National Bank now owns 32,580 shares of the company’s stock worth $2,191,000 after purchasing an additional 149 shares in the last quarter. Belpointe Asset Management LLC increased its holdings in Molson Coors Beverage by 12.7% in the 1st quarter. Belpointe Asset Management LLC now owns 1,521 shares of the company’s stock valued at $79,000 after buying an additional 171 shares during the period. Kestra Private Wealth Services LLC increased its holdings in Molson Coors Beverage by 1.5% in the 4th quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company’s stock valued at $709,000 after buying an additional 174 shares during the period. IMPACTfolio LLC increased its holdings in Molson Coors Beverage by 4.6% in the 4th quarter. IMPACTfolio LLC now owns 4,027 shares of the company’s stock valued at $246,000 after buying an additional 176 shares during the period. Finally, Syntax Advisors LLC increased its holdings in Molson Coors Beverage by 5.0% in the 3rd quarter. Syntax Advisors LLC now owns 3,866 shares of the company’s stock valued at $246,000 after buying an additional 185 shares during the period. 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.