Molson Coors Beverage (NYSE:TAP) Sees Large Volume Increase After Better-Than-Expected Earnings

Shares of Molson Coors Beverage (NYSE:TAP) saw an uptick in trading volume on Tuesday following a stronger than expected earnings report. 1,383,785 shares traded hands during trading, a decline of 17% from the previous session’s volume of 1,674,389 shares.The stock last traded at $58.97 and had previously closed at $63.56.

The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the business posted $0.54 earnings per share. The company’s revenue for the quarter was up 10.7% on a year-over-year basis.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.08%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio is presently 35.20%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. StockNews.com upgraded Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Piper Sandler initiated 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. Evercore ISI reduced their price objective on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a report on Wednesday. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Finally, Barclays raised their price objective 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 analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $65.87.

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 Price Performance

The company has a current ratio of 0.69, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 1.98 and a beta of 0.86. The stock has a 50-day moving average price of $64.96 and a two-hundred day moving average price of $62.36.

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.