Molson Coors Beverage (NYSE:TAP) Shares Gap Down to $64.18

Molson Coors Beverage (NYSE:TAP)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $64.18, but opened at $62.43. Molson Coors Beverage shares last traded at $63.06, with a volume of 335,646 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TAP shares. StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Citigroup lowered Molson Coors Beverage from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $66.00 to $56.00 in a research report on Wednesday. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Finally, Piper Sandler initiated coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price for the company. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $68.07.

Molson Coors Beverage Trading Down 0.4 %

The stock has a 50 day moving average of $65.02 and a 200-day moving average of $62.27. The company has a market capitalization of $13.59 billion, a P/E ratio of 14.71, a P/E/G ratio of 2.23 and a beta of 0.84. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.30 EPS. On average, research analysts predict that Molson Coors Beverage will post 5.67 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, February 29th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.75%. Molson Coors Beverage’s payout ratio is 40.37%.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the transaction, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wedge Capital Management L L P NC boosted its stake in Molson Coors Beverage by 31.3% in the 1st quarter. Wedge Capital Management L L P NC now owns 661,824 shares of the company’s stock worth $44,508,000 after purchasing an additional 157,859 shares during the period. Venturi Wealth Management LLC boosted its stake in Molson Coors Beverage by 46.6% in the 1st quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock worth $39,000 after purchasing an additional 186 shares during the period. Summit Trail Advisors LLC purchased a new stake in shares of Molson Coors Beverage during the 1st quarter worth approximately $229,000. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Molson Coors Beverage by 211.5% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 86,265 shares of the company’s stock worth $5,801,000 after acquiring an additional 58,569 shares in the last quarter. Finally, Kessler Investment Group LLC purchased a new stake in shares of Molson Coors Beverage during the 1st quarter worth approximately $5,825,000. 78.46% of the stock is currently owned by institutional investors.

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.