Molson Coors Beverage (NYSE:TAP) Shares Up 3.7%

Molson Coors Beverage (NYSE:TAP) shares rose 3.7% during mid-day trading on Tuesday . The company traded as high as $55.99 and last traded at $55.94. Approximately 944,191 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 1,907,051 shares. The stock had previously closed at $53.97.

Analyst Ratings Changes

Several equities analysts have commented on TAP shares. Jefferies Financial Group dropped their price target on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a research note on Thursday, July 18th. Piper Sandler boosted their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. UBS Group raised their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Citigroup reduced their target price on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Finally, Bank of America dropped their price target on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $60.53.

Molson Coors Beverage Stock Performance

The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average price of $52.77 and a 200-day moving average price of $57.51. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of 11.16, a price-to-earnings-growth ratio of 2.34 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.24. The company had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. Molson Coors Beverage’s revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.78 EPS. On average, analysts expect that Molson Coors Beverage will post 5.75 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a dividend of $0.44 per share. The ex-dividend date is Friday, August 30th. This represents a $1.76 annualized dividend and a yield of 3.15%. Molson Coors Beverage’s dividend payout ratio is currently 35.20%.

Institutional Investors Weigh In On Molson Coors Beverage

Institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC acquired a new stake in shares of Molson Coors Beverage in the 2nd quarter valued at approximately $2,349,000. New Century Financial Group LLC raised its position in Molson Coors Beverage by 21.6% in the second quarter. New Century Financial Group LLC now owns 20,004 shares of the company’s stock worth $1,017,000 after acquiring an additional 3,549 shares in the last quarter. Truist Financial Corp lifted its holdings in Molson Coors Beverage by 1.4% in the second quarter. Truist Financial Corp now owns 431,996 shares of the company’s stock valued at $21,958,000 after acquiring an additional 5,840 shares during the period. Brandes Investment Partners LP boosted its position in shares of Molson Coors Beverage by 20.5% during the 2nd quarter. Brandes Investment Partners LP now owns 67,860 shares of the company’s stock worth $3,448,000 after purchasing an additional 11,522 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Molson Coors Beverage during the 2nd quarter worth $54,000. Hedge funds and other institutional investors 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.