Molson Coors Beverage (NYSE:TAP) Shares Gap Down to $59.68

Posted by MarketBeat News on Aug 4th, 2022

Molson Coors Beverage (NYSE:TAP – Get Rating) gapped down before the market opened on Tuesday . The stock had previously closed at $59.68, but opened at $55.16. Molson Coors Beverage shares last traded at $53.80, with a volume of 37,163 shares traded.

Analyst Upgrades and Downgrades

TAP has been the subject of several research analyst reports. Credit Suisse Group lowered their target price on shares of Molson Coors Beverage from $50.00 to $49.00 and set an “underperform” rating for the company in a research note on Wednesday. Citigroup lifted their price objective on shares of Molson Coors Beverage from $58.00 to $61.00 in a research report on Friday, May 6th. Redburn Partners upgraded shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating in a research report on Wednesday, July 13th. Sanford C. Bernstein lowered shares of Molson Coors Beverage from an “outperform” rating to a “market perform” rating and set a $59.00 price objective on the stock. in a research report on Tuesday, May 17th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Molson Coors Beverage from $54.00 to $52.00 in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage presently has a consensus rating of “Hold” and a consensus price target of $53.67.

Molson Coors Beverage Price Performance

The stock has a market cap of $11.75 billion, a price-to-earnings ratio of 10.97, a price-to-earnings-growth ratio of 3.12 and a beta of 0.82. The stock has a fifty day simple moving average of $55.25 and a 200-day simple moving average of $53.09. The company has a current ratio of 0.81, a quick ratio of 0.54 and a debt-to-equity ratio of 0.48.

Molson Coors Beverage (NYSE:TAP – Get Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.19 earnings per share for the quarter, hitting the consensus estimate of $1.19. The company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.94 billion. Molson Coors Beverage had a return on equity of 7.12% and a net margin of 8.36%. Molson Coors Beverage’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.58 EPS. As a group, equities research analysts expect that Molson Coors Beverage will post 4.03 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.80%. Molson Coors Beverage’s payout ratio is currently 30.77%.

Institutional Investors Weigh In On Molson Coors Beverage

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Molson Coors Beverage by 6.1% in the first quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock valued at $1,138,589,000 after acquiring an additional 1,235,013 shares during the period. River Road Asset Management LLC boosted its position in shares of Molson Coors Beverage by 42.2% during the second quarter. River Road Asset Management LLC now owns 1,709,836 shares of the company’s stock worth $93,203,000 after buying an additional 507,296 shares during the period. Renaissance Technologies LLC bought a new stake in Molson Coors Beverage during the fourth quarter worth about $20,079,000. Polaris Wealth Advisory Group LLC bought a new stake in Molson Coors Beverage during the first quarter worth about $21,130,000. Finally, CHURCHILL MANAGEMENT Corp bought a new stake in Molson Coors Beverage in the first quarter valued at approximately $17,215,000. Institutional investors own 79.62% of the company’s stock.

Molson Coors Beverage Company Profile

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Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, Middle East, Africa, and Asia Pacific. It offers flavored malt beverages, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020.