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

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

Other equities analysts have also issued research reports about the stock. StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Barclays increased their target price on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, April 12th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price target for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Finally, Piper Sandler assumed coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $68.07.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $64.13 on Wednesday. The company’s fifty day moving average price is $65.02 and its 200-day moving average price is $62.27. The firm has a market capitalization of $13.63 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 2.23 and a beta of 0.84. Molson Coors Beverage has a one year low of $55.67 and a one year 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.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.30 EPS. On average, equities research analysts anticipate that Molson Coors Beverage will post 5.67 earnings per share for the current fiscal year.

Insider Activity at Molson Coors Beverage

In related 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 transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.71% of the stock is currently owned by corporate insiders.

Institutional Trading of Molson Coors Beverage

Institutional investors and hedge funds have recently bought and sold shares of the company. Tennessee Valley Asset Management Partners bought a new stake in Molson Coors Beverage during the 4th quarter valued at about $29,000. Stone House Investment Management LLC bought a new stake in Molson Coors Beverage during the 3rd quarter valued at about $32,000. Montag A & Associates Inc. bought a new stake in Molson Coors Beverage during the 4th quarter valued at about $31,000. Raleigh Capital Management Inc. increased its stake in Molson Coors Beverage by 2,087.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after purchasing an additional 501 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its stake in Molson Coors Beverage by 46.6% during the 1st quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock valued at $39,000 after purchasing an additional 186 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

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.