Molson Coors Beverage (NYSE:TAP) Downgraded by Citigroup to “Sell”

Molson Coors Beverage (NYSE:TAP) was downgraded by stock analysts at Citigroup from a “neutral” rating to a “sell” rating in a report issued on Wednesday, MarketBeat.com reports. They currently have a $56.00 price objective on the stock, down from their prior price objective of $66.00. Citigroup’s target price would indicate a potential downside of 12.68% from the stock’s previous close.

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

Molson Coors Beverage Stock Down 0.6 %

Shares of TAP opened at $64.13 on Wednesday. The company has a market capitalization of $13.63 billion, a P/E ratio of 14.71, a PEG ratio of 2.23 and a beta of 0.84. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.50. Molson Coors Beverage has a one year low of $55.67 and a one year high of $70.90. The business’s 50 day simple moving average is $65.02 and its 200-day simple moving average is $62.27.

Molson Coors Beverage (NYSE:TAP) last announced 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 business had revenue of $2.79 billion for the quarter, compared to the consensus estimate 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 was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.30 EPS. As a group, sell-side analysts predict that Molson Coors Beverage will post 5.67 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Molson Coors Beverage

A number of large investors have recently modified their holdings of the business. Czech National Bank lifted 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 valued at $2,191,000 after purchasing an additional 149 shares during the last quarter. Kestra Private Wealth Services LLC increased its holdings in shares of Molson Coors Beverage by 1.5% during the fourth quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company’s stock worth $709,000 after purchasing an additional 174 shares during the period. IMPACTfolio LLC increased its holdings in shares of Molson Coors Beverage by 4.6% during the fourth quarter. IMPACTfolio LLC now owns 4,027 shares of the company’s stock worth $246,000 after purchasing an additional 176 shares during the period. Syntax Advisors LLC increased its holdings in shares of Molson Coors Beverage by 5.0% during the third quarter. Syntax Advisors LLC now owns 3,866 shares of the company’s stock worth $246,000 after purchasing an additional 185 shares during the period. Finally, Venturi Wealth Management LLC increased its holdings in shares of Molson Coors Beverage by 46.6% during the first quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock worth $39,000 after purchasing an additional 186 shares during the period. 78.46% of the stock is currently owned by institutional investors and hedge funds.

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.