Molson Coors Beverage (NYSE:TAP) Price Target Increased to $66.00 by Analysts at Citigroup

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

Other equities research analysts also recently issued research reports about the company. TheStreet raised Molson Coors Beverage from a c rating to a b- rating in a research report on Tuesday, February 13th. Barclays increased 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. StockNews.com upgraded shares of Molson Coors Beverage from a hold rating to a buy rating in a research report on Friday, April 12th. The Goldman Sachs Group upgraded Molson Coors Beverage from a neutral rating to a buy rating and upped their target price for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Finally, Piper Sandler assumed coverage on Molson Coors Beverage in a report on Friday, March 22nd. They set a neutral rating and a $69.00 price target for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage has an average rating of Hold and an average price target of $68.27.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP opened at $63.26 on Tuesday. 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. The firm has a market cap of $13.65 billion, a price-to-earnings ratio of 14.51, a P/E/G ratio of 2.31 and a beta of 0.84. The stock’s fifty day moving average price is $64.75 and its two-hundred day moving average price is $62.20.

Molson Coors Beverage (NYSE:TAP) last released 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 business 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%. Molson Coors Beverage’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm earned $1.30 earnings per share. On average, equities analysts forecast that Molson Coors Beverage will post 5.66 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.78%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 40.37%.

Insider Activity at Molson Coors Beverage

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

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors have recently modified their holdings of TAP. Quarry LP acquired a new position in Molson Coors Beverage in the second quarter valued at $25,000. Tennessee Valley Asset Management Partners bought a new stake in shares of Molson Coors Beverage during the 4th quarter valued at about $29,000. Montag A & Associates Inc. acquired a new stake in Molson Coors Beverage during the fourth quarter worth approximately $31,000. Stone House Investment Management LLC acquired a new position in Molson Coors Beverage in the third quarter valued at approximately $32,000. Finally, Raleigh Capital Management Inc. boosted its holdings in shares of Molson Coors Beverage by 2,087.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after buying an additional 501 shares in the last quarter. 78.46% of the stock is 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.