Molson Coors Beverage (NYSE:TAP) Shares Gap Up After Better-Than-Expected Earnings

Molson Coors Beverage (NYSE:TAP - Get Free Report) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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 traded.

The company reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.71 billion.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be paid a $0.47 dividend. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $1.88 dividend on an annualized basis and a yield of 3.12%. Molson Coors Beverage's dividend payout ratio (DPR) is presently 39.64%.

Analyst Ratings Changes

Several equities analysts have commented on the company. BNP Paribas assumed coverage on Molson Coors Beverage in a research report on Monday, November 25th. They set a "neutral" rating and a $64.00 price objective for the company. Morgan Stanley raised their price objective on Molson Coors Beverage from $60.00 to $63.00 and gave the company an "equal weight" rating in a research report on Friday. Citigroup raised Molson Coors Beverage from a "sell" rating to a "neutral" rating and raised their price objective for the company from $47.00 to $57.00 in a research report on Wednesday, February 5th. UBS Group raised their price objective on Molson Coors Beverage from $58.00 to $63.00 and gave the company a "neutral" rating in a research report on Friday. Finally, Barclays lowered their price objective 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $62.73.

Institutional Investors Weigh In On Molson Coors Beverage

Large investors have recently bought and sold shares of the business. Truvestments Capital LLC increased its holdings in Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock worth $34,000 after buying an additional 202 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at about $35,000. Quarry LP grew its stake in shares of Molson Coors Beverage by 55.1% during the 4th quarter. Quarry LP now owns 715 shares of the company's stock valued at $41,000 after purchasing an additional 254 shares during the period. Gladius Capital Management LP bought a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at about $42,000. Finally, Catalyst Capital Advisors LLC grew its stake in shares of Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company's stock valued at $42,000 after purchasing an additional 428 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Trading Up 3.0 %

The stock has a 50 day simple moving average of $56.50 and a 200-day simple moving average of $56.31. The firm has a market capitalization of $12.43 billion, a P/E ratio of 13.59, a P/E/G ratio of 2.07 and a beta of 0.85. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage Company Profile

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.