Molson Coors Beverage (NYSE:TAP) Shares Gap Up Following Strong Earnings

Molson Coors Beverage (NYSE:TAP)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. 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.

The company reported $1.30 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors 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 dividend payout ratio is currently 39.64%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. StockNews.com cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Sunday, February 2nd. JPMorgan Chase & Co. reduced their price target on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Barclays lowered their target price on Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating for the company in a research report on Friday, January 17th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $62.36.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TAP. Aster Capital Management DIFC Ltd boosted its position in Molson Coors Beverage by 39.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 7,916 shares of the company’s stock valued at $454,000 after buying an additional 2,257 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Molson Coors Beverage by 1.8% during the fourth quarter. Russell Investments Group Ltd. now owns 331,704 shares of the company’s stock valued at $19,013,000 after purchasing an additional 5,943 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Molson Coors Beverage in the 4th quarter valued at about $267,000. Resona Asset Management Co. Ltd. purchased a new position in shares of Molson Coors Beverage during the 4th quarter valued at approximately $3,096,000. Finally, ExodusPoint Capital Management LP acquired a new stake in Molson Coors Beverage in the 4th quarter valued at $21,496,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Performance

The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The stock has a market cap 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 firm’s 50-day moving average is $56.57 and its two-hundred day moving average is $56.25.

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.