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

Shares of Molson Coors Beverage (NYSE:TAP) gapped down before the market opened 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.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TAP shares. StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, April 12th. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Barclays raised their price target 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. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus price target of $68.07.

Molson Coors Beverage Stock Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.50. The stock has a market cap of $13.36 billion, a price-to-earnings ratio of 14.41, a P/E/G ratio of 2.22 and a beta of 0.84. The stock’s 50-day moving average is $65.13 and its 200 day moving average is $62.31.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results 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. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same period last year, the firm earned $1.30 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, analysts predict that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.80%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 40.37%.

Insider Activity

In other news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the sale, 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 legal filing with the SEC, which is available through this hyperlink. Insiders own 2.71% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Czech National Bank raised its position in shares of Molson Coors Beverage by 0.5% during the 1st quarter. Czech National Bank now owns 32,580 shares of the company’s stock worth $2,191,000 after purchasing an additional 149 shares during the last quarter. Kestra Private Wealth Services LLC raised its position in shares of Molson Coors Beverage by 1.5% during the 4th quarter. Kestra Private Wealth Services LLC now owns 11,589 shares of the company’s stock worth $709,000 after purchasing an additional 174 shares during the last quarter. IMPACTfolio LLC raised its position in shares of Molson Coors Beverage by 4.6% during the 4th quarter. IMPACTfolio LLC now owns 4,027 shares of the company’s stock worth $246,000 after purchasing an additional 176 shares during the last quarter. Syntax Advisors LLC raised its position in shares of Molson Coors Beverage by 5.0% during the 3rd quarter. Syntax Advisors LLC now owns 3,866 shares of the company’s stock worth $246,000 after purchasing an additional 185 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its position in shares of Molson Coors Beverage by 46.6% during 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 last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

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.