Molson Coors Beverage (NYSE:TAP) Shares Gap Up – What’s Next?

Molson Coors Beverage (NYSE:TAP)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $60.96, but opened at $63.84. Molson Coors Beverage shares last traded at $62.75, with a volume of 269,360 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Needham & Company LLC assumed coverage on Molson Coors Beverage in a research report on Friday. They set a “buy” rating and a $72.00 target price for the company. Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the company from $57.00 to $70.00 in a research report on Friday. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their target price for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and a consensus price target of $62.00.

Molson Coors Beverage Stock Performance

The company has a market cap of $12.83 billion, a PE ratio of 13.83, a PEG ratio of 2.38 and a beta of 0.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The business has a 50-day moving average of $57.97 and a 200 day moving average of $54.69.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter last year, the business posted $1.92 earnings per share. The firm’s revenue was down 7.8% on a year-over-year basis. Equities research analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Institutional Investors Weigh In On Molson Coors Beverage

A number of hedge funds have recently made changes to their positions in TAP. Family Firm Inc. purchased a new stake in shares of Molson Coors Beverage during the 2nd quarter worth $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Molson Coors Beverage during the 2nd quarter worth $27,000. GPS Wealth Strategies Group LLC lifted its stake in shares of Molson Coors Beverage by 83.8% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after purchasing an additional 294 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter worth $35,000. Finally, Gladius Capital Management LP purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter worth $42,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

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.