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

Molson Coors Beverage (NYSE:TAP) had its price target lifted by investment analysts at Citigroup from $63.00 to $66.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 1.91% from the company’s current price.

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

Molson Coors Beverage Price Performance

NYSE TAP opened at $64.76 on Tuesday. The stock has a market capitalization of $13.97 billion, a P/E ratio of 14.85, a P/E/G ratio of 2.31 and a beta of 0.84. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90. The business’s fifty day moving average is $64.71 and its two-hundred day moving average is $62.20. 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 results 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. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 earnings per share. On average, research analysts forecast that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction on Monday, February 12th. The shares were 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 directly owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Molson Coors Beverage

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

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.