Molson Coors Beverage (NYSE:TAP) Price Target Cut to $47.00 by Analysts at Citigroup

Molson Coors Beverage (NYSE:TAP) had its target price lowered by Citigroup from $53.00 to $47.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a sell rating on the stock.

TAP has been the subject of several other research reports. Wells Fargo & Company reduced their price objective on shares of Molson Coors Beverage from $55.00 to $50.00 and set an underweight rating for the company in a research report on Wednesday. Evercore ISI decreased their target price on Molson Coors Beverage from $70.00 to $68.00 and set an outperform rating for the company in a research report on Wednesday, May 1st. StockNews.com lowered Molson Coors Beverage from a buy rating to a hold rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. reduced their target price on Molson Coors Beverage from $66.00 to $60.00 and set a neutral rating for the company in a report on Wednesday, May 1st. Finally, Bank of America reduced their target price on Molson Coors Beverage from $62.00 to $54.00 and set a neutral rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $63.13.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $50.43 on Wednesday. The company has a market capitalization of $10.68 billion, a PE ratio of 10.09, a P/E/G ratio of 1.81 and a beta of 0.81. The company has a 50 day simple moving average of $53.24 and a two-hundred day simple moving average of $59.99. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $70.90.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. Research analysts anticipate that Molson Coors Beverage will post 5.69 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were given a $0.44 dividend. The ex-dividend date was Friday, June 7th. This represents a $1.76 dividend on an annualized basis and a yield of 3.49%. Molson Coors Beverage’s payout ratio is 35.20%.

Institutional Trading of Molson Coors Beverage

Hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC lifted its position in Molson Coors Beverage by 254.5% in the fourth quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock valued at $2,586,000 after purchasing an additional 30,323 shares during the last quarter. Vinva Investment Management Ltd boosted its holdings in Molson Coors Beverage by 91.5% in the fourth quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock worth $5,909,000 after acquiring an additional 46,101 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Molson Coors Beverage by 220.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock worth $32,910,000 after acquiring an additional 336,496 shares in the last quarter. Norges Bank bought a new position in shares of Molson Coors Beverage during the fourth quarter valued at $127,337,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Molson Coors Beverage during the first quarter valued at $3,911,000. 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.