Molson Coors Beverage (NYSE:TAP) Short Interest Up 27.3% in November

Molson Coors Beverage (NYSE:TAP) was the target of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 9,220,000 shares, a growth of 27.3% from the October 31st total of 7,240,000 shares. Based on an average daily trading volume, of 1,900,000 shares, the days-to-cover ratio is currently 4.9 days. Currently, 5.4% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $52.00 to $74.00 in a report on Friday, November 8th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Piper Sandler raised their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus price target of $60.00.

Institutional Investors Weigh In On Molson Coors Beverage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TAP. Price T Rowe Associates Inc. MD boosted its stake in shares of Molson Coors Beverage by 22.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock worth $20,673,000 after acquiring an additional 56,584 shares during the period. Janus Henderson Group PLC boosted its stake in Molson Coors Beverage by 144.6% in the 1st quarter. Janus Henderson Group PLC now owns 73,909 shares of the company’s stock worth $4,969,000 after purchasing an additional 43,696 shares during the period. Comerica Bank raised its position in shares of Molson Coors Beverage by 4.0% during the first quarter. Comerica Bank now owns 105,098 shares of the company’s stock valued at $7,068,000 after buying an additional 4,079 shares during the last quarter. Swedbank AB bought a new stake in shares of Molson Coors Beverage during the first quarter valued at approximately $6,997,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Molson Coors Beverage by 613.8% in the first quarter. Cetera Investment Advisers now owns 44,954 shares of the company’s stock worth $3,023,000 after buying an additional 38,656 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP stock traded down $0.25 on Monday, reaching $61.81. The stock had a trading volume of 1,874,704 shares, compared to its average volume of 1,910,741. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The company has a 50 day simple moving average of $57.43 and a 200 day simple moving average of $54.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The stock has a market cap of $12.73 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 2.40 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company’s revenue was down 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.92 EPS. Equities research analysts expect that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.85%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 39.64%.

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.