Molson Coors Beverage (NYSE:TAP) Issues FY24 Earnings Guidance

Molson Coors Beverage (NYSE:TAP) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of ~$5.70 for the period, compared to the consensus EPS estimate of $5.60.

Analyst Ratings Changes

TAP has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the company a neutral rating in a research report on Wednesday. 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 research report on Wednesday, July 10th. Piper Sandler raised their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the company a neutral rating in a report on Wednesday. StockNews.com lowered Molson Coors Beverage from a buy rating to a hold rating in a report on Thursday, May 2nd. Finally, TD Cowen cut shares of Molson Coors Beverage from a buy rating to a hold rating and decreased their price objective for the stock from $68.00 to $58.00 in a research report on Wednesday. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $60.40.

Molson Coors Beverage Trading Down 2.4 %

Molson Coors Beverage stock traded down $1.27 during trading hours on Wednesday, reaching $52.63. The company had a trading volume of 2,323,635 shares, compared to its average volume of 1,958,853. The firm has a market cap of $11.15 billion, a price-to-earnings ratio of 10.62, a P/E/G ratio of 2.26 and a beta of 0.81. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. The company has a 50-day moving average price of $51.82 and a 200 day moving average price of $58.71.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping the consensus estimate of $1.68 by $0.24. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.78 earnings per share. Equities analysts forecast that Molson Coors Beverage will post 5.56 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.34%. Molson Coors Beverage’s payout ratio is presently 35.20%.

About Molson Coors Beverage

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.