Molson Coors Beverage (NYSE:TAP) Shares Gap Up - Here's Why

Molson Coors Beverage (NYSE:TAP - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $60.96, but opened at $63.84. Molson Coors Beverage shares last traded at $62.75, with a volume of 269,360 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TAP. JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Needham & Company LLC began coverage on Molson Coors Beverage in a research report on Friday. They set a "buy" rating and a $72.00 price target for the company. Wells Fargo & Company raised Molson Coors Beverage from an "underweight" rating to an "overweight" rating and upped their price target for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Bank of America raised Molson Coors Beverage from a "neutral" rating to a "buy" rating and upped their price target for the company from $57.00 to $70.00 in a research report on Friday. Finally, Barclays upped their price target on Molson Coors Beverage from $49.00 to $51.00 and gave the company an "underweight" rating in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $62.00.

Molson Coors Beverage Trading Up 0.3 %

The firm has a 50 day simple moving average of $58.05 and a 200 day simple moving average of $54.73. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $12.59 billion, a PE ratio of 13.77, a P/E/G ratio of 2.39 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company's revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.92 EPS. Equities analysts expect that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.44 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 2.88%. Molson Coors Beverage's dividend payout ratio is currently 39.64%.

Hedge Funds Weigh In On Molson Coors Beverage

A number of institutional investors have recently bought and sold shares of the stock. Synovus Financial Corp bought a new position in Molson Coors Beverage in the 3rd quarter worth $684,000. Tidal Investments LLC raised its holdings in Molson Coors Beverage by 19.4% during the third quarter. Tidal Investments LLC now owns 30,362 shares of the company's stock valued at $1,746,000 after acquiring an additional 4,929 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Molson Coors Beverage during the third quarter valued at about $262,000. World Investment Advisors LLC bought a new stake in Molson Coors Beverage during the third quarter valued at about $3,153,000. Finally, Sanctuary Advisors LLC raised its holdings in Molson Coors Beverage by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 50,704 shares of the company's stock valued at $3,061,000 after acquiring an additional 4,486 shares during the period. 78.46% of the stock is owned by institutional investors.

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.