Citigroup Downgrades Molson Coors Beverage (NYSE:TAP) to Sell

Molson Coors Beverage (NYSE:TAP) was downgraded by analysts at Citigroup from a “neutral” rating to a “sell” rating in a research report issued on Wednesday, Marketbeat Ratings reports. They presently have a $56.00 target price on the stock, down from their previous target price of $66.00. Citigroup’s price objective points to a potential downside of 10.86% from the stock’s previous close.

TAP has been the topic of several other reports. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Deutsche Bank Aktiengesellschaft increased their price objective on Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. Piper Sandler started coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price on the stock. Finally, Barclays raised their target price on Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $68.07.

Molson Coors Beverage Trading Down 1.4 %

NYSE TAP opened at $62.82 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The stock has a market cap of $13.36 billion, a P/E ratio of 14.37, a P/E/G ratio of 2.22 and a beta of 0.84. The stock’s fifty day moving average price is $65.13 and its 200-day moving average price is $62.31.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 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 for the quarter, compared to analysts’ expectations of $2.78 billion. During the same period last year, the firm posted $1.30 earnings per share. Molson Coors Beverage’s revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts forecast 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 Molson Coors Beverage stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the sale, the chief financial officer now 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 Securities & Exchange Commission, which can be accessed through the SEC website. 2.71% of the stock is owned by corporate insiders.

Institutional Trading of Molson Coors Beverage

A number of large investors have recently added to or reduced their stakes in TAP. Tennessee Valley Asset Management Partners bought a new stake in Molson Coors Beverage in the 4th quarter worth approximately $29,000. Montag A & Associates Inc. purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $31,000. Stone House Investment Management LLC purchased a new position in shares of Molson Coors Beverage in the 3rd quarter worth approximately $32,000. Raleigh Capital Management Inc. boosted its holdings in shares of 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 purchasing an additional 501 shares during the period. Finally, Transcendent Capital Group LLC purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $36,000. 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.