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.

Analyst Ratings Changes

Several brokerages have recently issued reports on TAP. StockNews.com upgraded Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Barclays lifted their price target on Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a research report on Friday, April 12th. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Deutsche Bank Aktiengesellschaft lifted their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Finally, Citigroup cut Molson Coors Beverage from a “neutral” rating to a “sell” rating and reduced their price target for the company from $66.00 to $56.00 in a research report on Wednesday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $68.07.

Molson Coors Beverage Trading Down 0.4 %

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

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.07. The business 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 business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.30 EPS. On average, research analysts forecast that Molson Coors Beverage will post 5.67 EPS for the current year.

Molson Coors Beverage Increases Dividend

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

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the business’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 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 $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.71% of the stock is owned by company insiders.

Institutional Trading of Molson Coors Beverage

Several large investors have recently added to or reduced their stakes in TAP. Tennessee Valley Asset Management Partners purchased a new stake in Molson Coors Beverage in the 4th quarter valued at $29,000. Montag A & Associates Inc. acquired a new position in shares of Molson Coors Beverage in the 4th quarter valued at $31,000. Stone House Investment Management LLC acquired a new position in shares of Molson Coors Beverage in the 3rd quarter valued at $32,000. Raleigh Capital Management Inc. lifted its stake in shares of Molson Coors Beverage by 2,087.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after purchasing an additional 501 shares during the last quarter. Finally, Transcendent Capital Group LLC acquired a new position in shares of Molson Coors Beverage in the 4th quarter valued at $36,000. 78.46% of the stock is currently owned by hedge funds and other 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.