Molson Coors Beverage (NYSE:TAP) Shares Gap Down Following Weak Earnings

Molson Coors Beverage (NYSE:TAP)’s share price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $56.84, but opened at $52.35. Molson Coors Beverage shares last traded at $53.63, with a volume of 2,410,038 shares traded.

The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the company earned $0.95 earnings per share. The business’s revenue was down 11.3% compared to the same quarter last year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were given a $0.47 dividend. The ex-dividend date was Thursday, February 27th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.46%. Molson Coors Beverage’s payout ratio is 35.14%.

Analyst Ratings Changes

TAP has been the topic of several recent analyst reports. StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their target price for the stock from $47.00 to $57.00 in a report on Wednesday, February 5th. JPMorgan Chase & Co. reduced their price target on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Morgan Stanley raised 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, February 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Molson Coors Beverage in a research report on Tuesday, April 29th. Eleven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Molson Coors Beverage presently has an average rating of “Hold” and a consensus target price of $64.14.

Institutional Investors Weigh In On Molson Coors Beverage

Institutional investors have recently made changes to their positions in the stock. Blueshift Asset Management LLC bought a new position in Molson Coors Beverage during the first quarter worth about $522,000. US Bancorp DE boosted its stake in Molson Coors Beverage by 5.4% during the 1st quarter. US Bancorp DE now owns 20,326 shares of the company’s stock worth $1,237,000 after acquiring an additional 1,041 shares during the last quarter. Foster & Motley Inc. acquired a new position in Molson Coors Beverage during the first quarter valued at approximately $456,000. Natixis Advisors LLC increased its stake in Molson Coors Beverage by 50.4% in the first quarter. Natixis Advisors LLC now owns 64,917 shares of the company’s stock valued at $3,951,000 after purchasing an additional 21,758 shares in the last quarter. Finally, Bayforest Capital Ltd raised its holdings in Molson Coors Beverage by 735.5% in the first quarter. Bayforest Capital Ltd now owns 1,153 shares of the company’s stock worth $70,000 after purchasing an additional 1,015 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Down 4.5 %

The company has a market capitalization of $11.00 billion, a P/E ratio of 10.15, a PEG ratio of 1.52 and a beta of 0.73. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. The business’s 50-day moving average price is $59.22 and its two-hundred day moving average price is $58.41.

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.