Molson Coors Beverage (NYSE:TAP) Shares Gap Up on Strong Earnings

Molson Coors Beverage (NYSE:TAP)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $53.45, but opened at $57.23. Molson Coors Beverage shares last traded at $56.00, with a volume of 1,714,902 shares trading hands.

The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $1.88 dividend on an annualized basis and a yield of 3.12%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TAP. Hsbc Global Res cut Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. BNP Paribas initiated coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price for the company. Citigroup raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and raised their price target for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. Morgan Stanley boosted their price objective on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Barclays decreased their target price on shares of Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus price target of $62.73.

Institutional Investors Weigh In On Molson Coors Beverage

Institutional investors have recently added to or reduced their stakes in the company. Ritholtz Wealth Management purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter worth about $223,000. Creative Planning raised its holdings in Molson Coors Beverage by 14.7% in the third quarter. Creative Planning now owns 18,890 shares of the company’s stock valued at $1,087,000 after buying an additional 2,418 shares during the period. Vontobel Holding Ltd. lifted its position in Molson Coors Beverage by 16.1% during the third quarter. Vontobel Holding Ltd. now owns 124,768 shares of the company’s stock valued at $7,177,000 after buying an additional 17,285 shares in the last quarter. Randolph Co Inc acquired a new stake in shares of Molson Coors Beverage in the third quarter worth $21,754,000. Finally, V Square Quantitative Management LLC raised its stake in shares of Molson Coors Beverage by 7.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 5,344 shares of the company’s stock valued at $307,000 after acquiring an additional 371 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

The company’s fifty day moving average is $56.50 and its two-hundred day moving average is $56.31. 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 firm has a market cap of $12.43 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85.

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.