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

Molson Coors Beverage (NYSE:TAP) had its price objective upped by Citigroup from $63.00 to $66.00 in a research note published on Tuesday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other brokerages have also recently weighed in on TAP. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a neutral rating to a buy rating and raised their target price 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 report on Tuesday, February 13th. Piper Sandler assumed coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a neutral rating and a $69.00 price objective for the company. Barclays raised their price objective on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an equal weight rating in a research note on Friday, April 12th. Finally, StockNews.com raised shares of Molson Coors Beverage from a hold rating to a buy rating in a research note on Friday, April 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $68.73.

Molson Coors Beverage Price Performance

NYSE TAP opened at $63.88 on Tuesday. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.50. The firm has a market capitalization of $13.78 billion, a PE ratio of 14.65, a P/E/G ratio of 2.21 and a beta of 0.84. The company’s 50 day simple moving average is $64.90 and its 200 day simple moving average is $62.22.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations 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 period last year, the firm posted $1.30 earnings per share. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.76%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is 40.37%.

Insider Activity

In other news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were 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 approximately $3,654,679.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP bought a new position in Molson Coors Beverage in the 2nd quarter worth $25,000. Tennessee Valley Asset Management Partners bought a new position in Molson Coors Beverage in the 4th quarter worth $29,000. Stone House Investment Management LLC bought a new position in Molson Coors Beverage in the 3rd quarter worth $32,000. Montag A & Associates Inc. bought a new position in Molson Coors Beverage in the 4th quarter worth $31,000. Finally, Raleigh Capital Management Inc. raised its holdings in Molson Coors Beverage by 2,087.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after acquiring an additional 501 shares during the period. Institutional investors own 78.46% of the company’s stock.

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.