Molson Coors Beverage (NYSE:TAP) Shares Gap Up on Better-Than-Expected Earnings

Molson Coors Beverage (NYSE:TAP)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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 traded.

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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.14%. The ex-dividend date was Friday, December 6th. Molson Coors Beverage’s payout ratio is currently 39.64%.

Wall Street Analyst Weigh In

TAP has been the subject of a number of analyst reports. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Sunday, February 2nd. JPMorgan Chase & Co. dropped their price target on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. BNP Paribas began coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $72.00 price target on shares of Molson Coors Beverage in a research note on Wednesday. Finally, Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their target price for the stock from $57.00 to $70.00 in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $62.36.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Truvestments Capital LLC lifted its position in shares of Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after purchasing an additional 202 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Molson Coors Beverage during the third quarter worth about $35,000. Gladius Capital Management LP purchased a new position in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $42,000. Catalyst Capital Advisors LLC increased its holdings in shares of Molson Coors Beverage by 143.6% in the fourth quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock valued at $42,000 after purchasing an additional 428 shares during the period. Finally, SRS Capital Advisors Inc. raised its stake in shares of Molson Coors Beverage by 38.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after purchasing an additional 203 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Trading Up 4.7 %

The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $11.53 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 2.07 and a beta of 0.85. The company has a fifty day moving average of $56.57 and a two-hundred day moving average of $56.25.

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.