Molson Coors Beverage (NYSE:TAP) Shares Gap Down to $64.18

Shares of Molson Coors Beverage (NYSE:TAP) gapped down before the market opened on Wednesday . The stock had previously closed at $64.18, but opened at $62.43. Molson Coors Beverage shares last traded at $63.06, with a volume of 335,646 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TAP. Deutsche Bank Aktiengesellschaft increased their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Piper Sandler began coverage on Molson Coors Beverage in a report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target on the stock. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price target for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Finally, Barclays increased their price target on Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $68.07.

Molson Coors Beverage Price Performance

The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The firm has a market cap of $13.36 billion, a P/E ratio of 14.41, a PEG ratio of 2.22 and a beta of 0.84. The firm has a 50-day simple moving average of $65.13 and a 200-day simple moving average of $62.31.

Molson Coors Beverage (NYSE:TAP) last announced its 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 business 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 business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.30 EPS. As a group, analysts forecast that Molson Coors Beverage will post 5.66 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is 40.37%.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the sale, the chief financial officer now owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.71% of the company’s stock.

Institutional Trading of Molson Coors Beverage

A number of institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in shares of Molson Coors Beverage by 76.0% in the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after purchasing an additional 1,500,269 shares in the last quarter. Morgan Stanley boosted its position in shares of Molson Coors Beverage by 40.2% in the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after purchasing an additional 988,864 shares in the last quarter. Invesco Ltd. boosted its position in shares of Molson Coors Beverage by 13.0% in the 3rd quarter. Invesco Ltd. now owns 3,087,469 shares of the company’s stock worth $196,332,000 after purchasing an additional 355,694 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after purchasing an additional 2,121,211 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Molson Coors Beverage in the 4th quarter worth $127,337,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

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.