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

Posted by on Oct 5th, 2023

Molson Coors Beverage (NYSE:TAP – Get Free Report)’s stock price gapped up prior to trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $64.00 to $65.00. The stock had previously closed at $62.02, but opened at $63.71. Wells Fargo & Company currently has an underweight rating on the stock. Molson Coors Beverage shares last traded at $63.26, with a volume of 248,351 shares trading hands.

Several other equities research analysts also recently weighed in on the stock. Evercore ISI lifted their price target on shares of Molson Coors Beverage from $70.00 to $73.00 in a research note on Thursday, June 8th. 51job restated a “maintains” rating on shares of Molson Coors Beverage in a research note on Monday, June 26th. 58.com restated a “maintains” rating on shares of Molson Coors Beverage in a research note on Monday, June 26th. Bank of America raised their target price on Molson Coors Beverage from $70.00 to $72.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, UBS Group raised their target price on Molson Coors Beverage from $67.00 to $70.00 in a research note on Monday, June 26th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $64.63.

Check Out Our Latest Stock Analysis on TAP

Hedge Funds Weigh In On Molson Coors Beverage

Several hedge funds have recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. raised its holdings in Molson Coors Beverage by 25.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 23,269 shares of the company’s stock valued at $1,242,000 after acquiring an additional 4,792 shares during the period. American Century Companies Inc. grew its position in shares of Molson Coors Beverage by 17.1% during the 1st quarter. American Century Companies Inc. now owns 18,462 shares of the company’s stock valued at $985,000 after purchasing an additional 2,700 shares in the last quarter. US Bancorp DE grew its position in Molson Coors Beverage by 45.7% in the first quarter. US Bancorp DE now owns 3,834 shares of the company’s stock worth $205,000 after acquiring an additional 1,203 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Molson Coors Beverage by 4.5% in the first quarter. PNC Financial Services Group Inc. now owns 16,654 shares of the company’s stock worth $889,000 after acquiring an additional 720 shares in the last quarter. Finally, Natixis Advisors L.P. grew its position in Molson Coors Beverage by 26.3% in the first quarter. Natixis Advisors L.P. now owns 14,411 shares of the company’s stock worth $769,000 after acquiring an additional 3,001 shares in the last quarter. Institutional investors own 73.95% of the company’s stock.

Molson Coors Beverage Trading Up 1.6 %

The firm’s 50-day simple moving average is $63.95 and its 200-day simple moving average is $62.50. The company has a quick ratio of 0.64, a current ratio of 0.87 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $13.63 billion, a PE ratio of 393.94, a price-to-earnings-growth ratio of 1.70 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP – Get Free Report) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.63 by $0.15. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.31 billion. Molson Coors Beverage had a net margin of 0.31% and a return on equity of 8.17%. Equities analysts expect that Molson Coors Beverage will post 5.07 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend was Thursday, August 31st. Molson Coors Beverage’s payout ratio is currently 1,025.00%.

Molson Coors Beverage Company Profile

(Get Free Report)

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, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Hop Valley brands, Leinenkugel's, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian Lager, Molson Dry, Molson Export, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands.

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