Molson Coors Beverage (NYSE:TAP) Shares Gap Up After Analyst Upgrade

Posted by Defense World Staff on Jun 7th, 2023

Molson Coors Beverage (NYSE:TAP – Get Rating) shares gapped up before the market opened on Tuesday after Jefferies Financial Group raised their price target on the stock from $74.00 to $75.00. The stock had previously closed at $63.81, but opened at $65.68. Molson Coors Beverage shares last traded at $64.88, with a volume of 327,641 shares.

Other analysts also recently issued reports about the company. Credit Suisse Group increased their price objective on Molson Coors Beverage from $46.00 to $49.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 22nd. TheStreet upgraded Molson Coors Beverage from a “c+” rating to a “b” rating in a research note on Tuesday, May 2nd. StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Friday, May 12th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $47.00 to $50.00 in a research report on Wednesday, May 3rd. Finally, Bank of America upgraded Molson Coors Beverage from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $54.00 to $68.00 in a report on Tuesday. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus price target of $58.87.

Insider Buying and Selling

In related news, insider Geoffrey E. Molson sold 1,840 shares of the business’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $60.62, for a total transaction of $111,540.80. Following the completion of the transaction, the insider now directly owns 25,904 shares in the company, valued at $1,570,300.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.41% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TAP. Belpointe Asset Management LLC raised its stake in shares of Molson Coors Beverage by 12.7% during the first quarter. Belpointe Asset Management LLC now owns 1,521 shares of the company’s stock valued at $79,000 after acquiring an additional 171 shares during the last quarter. Meridian Investment Counsel Inc. lifted its position in shares of Molson Coors Beverage by 0.4% in the 1st quarter. Meridian Investment Counsel Inc. now owns 48,740 shares of the company’s stock worth $2,519,000 after purchasing an additional 190 shares during the period. Utah Retirement Systems boosted its position in Molson Coors Beverage by 0.6% during the 3rd quarter. Utah Retirement Systems now owns 31,385 shares of the company’s stock valued at $1,506,000 after acquiring an additional 200 shares in the last quarter. Forza Wealth Management LLC grew its holdings in shares of Molson Coors Beverage by 1.3% during the 1st quarter. Forza Wealth Management LLC now owns 15,940 shares of the company’s stock worth $824,000 after acquiring an additional 200 shares during the period. Finally, Banco Bilbao Vizcaya Argentaria S.A. raised its position in shares of Molson Coors Beverage by 4.6% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,692 shares of the company’s stock worth $242,000 after acquiring an additional 206 shares in the last quarter. Institutional investors own 76.24% of the company’s stock.

Molson Coors Beverage Trading Up 2.1 %

The company has a market cap of $14.09 billion, a PE ratio of -54.74, a PEG ratio of 3.49 and a beta of 0.85. The stock has a 50 day moving average price of $59.45 and a 200 day moving average price of $54.75. The company has a current ratio of 0.77, a quick ratio of 0.49 and a debt-to-equity ratio of 0.48.

Molson Coors Beverage (NYSE:TAP – Get Rating) last issued its quarterly earnings results on Tuesday, May 2nd. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.28. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Molson Coors Beverage had a positive return on equity of 7.16% and a negative net margin of 1.97%. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 EPS. Sell-side analysts predict that Molson Coors Beverage will post 4.34 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, June 2nd will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $1.64 annualized dividend and a yield of 2.52%. Molson Coors Beverage’s dividend payout ratio is -137.81%.

Molson Coors Beverage Company Profile

(Get Rating)

Molson Coors Beverage Co is a holding company, which engages in the production and sale of beer. It operates through the following segments: Americas, and EMEA and APAC. The Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin, and South America. The EMEA and APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the UK, various other European countries, and certain countries within the Middle East, Africa, and Asia Pacific.