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

Molson Coors Beverage (NYSE:TAP) had its price objective hoisted by stock analysts at Citigroup from $63.00 to $66.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 3.87% from the company’s current price.

TAP has been the subject of several other research reports. Piper Sandler started coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target for the company. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Finally, Barclays lifted their price target on 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. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and an average price target of $68.73.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $63.54 on Tuesday. The firm has a market capitalization of $13.71 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 2.26 and a beta of 0.84. Molson Coors Beverage has a 52-week low of $55.67 and a 52-week high of $70.90. The stock has a fifty day moving average of $64.82 and a 200 day moving average of $62.21. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the company earned $1.30 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, research analysts expect that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Insider Activity at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of the business’s 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 transaction, the chief financial officer now owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.71% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Private Wealth Services LLC grew its holdings in shares of Molson Coors Beverage by 19.5% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 11,415 shares of the company’s stock worth $726,000 after acquiring an additional 1,859 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Molson Coors Beverage by 6,418.1% during the 4th quarter. International Assets Investment Management LLC now owns 151,416 shares of the company’s stock worth $9,268,000 after acquiring an additional 149,093 shares during the period. SkyView Investment Advisors LLC grew its holdings in shares of Molson Coors Beverage by 3.4% during the 3rd quarter. SkyView Investment Advisors LLC now owns 12,343 shares of the company’s stock worth $785,000 after acquiring an additional 408 shares during the period. Metis Global Partners LLC grew its holdings in shares of Molson Coors Beverage by 24.2% during the 3rd quarter. Metis Global Partners LLC now owns 11,201 shares of the company’s stock worth $712,000 after acquiring an additional 2,183 shares during the period. Finally, Savoir Faire Capital Management L.P. purchased a new position in shares of Molson Coors Beverage during the 3rd quarter worth approximately $3,245,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

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.