Molson Coors Beverage (NYSE:TAP) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Molson Coors Beverage (NYSE:TAP) shares saw an uptick in trading volume on Tuesday following a better than expected earnings announcement. 1,383,785 shares were traded during mid-day trading, a decline of 17% from the previous session’s volume of 1,674,389 shares.The stock last traded at $58.97 and had previously closed at $63.56.

The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.74 by $0.21. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.54 EPS.

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 issued a $0.44 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.08%. Molson Coors Beverage’s payout ratio is presently 35.20%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TAP shares. JPMorgan Chase & Co. decreased their price objective on Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating for the company in a report on Wednesday. TheStreet upgraded shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Bank of America lowered their price target on shares of Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating for the company in a research report on Wednesday. Barclays lifted their price objective on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, April 12th. Finally, Piper Sandler started coverage on Molson Coors Beverage in a report on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price for the company. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of “Hold” and an average target price of $65.87.

Insider Buying and Selling

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total value 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 transaction was disclosed in a document filed with the SEC, which is available at this link. 2.71% of the stock is owned by company insiders.

Institutional Trading of Molson Coors Beverage

Several large investors have recently bought and sold shares of TAP. Tennessee Valley Asset Management Partners acquired a new stake in shares of Molson Coors Beverage during the fourth quarter worth $29,000. Montag A & Associates Inc. purchased a new position in Molson Coors Beverage in the 4th quarter worth $31,000. Stone House Investment Management LLC purchased a new position in Molson Coors Beverage in the 3rd quarter worth $32,000. Raleigh Capital Management Inc. lifted its position in Molson Coors Beverage by 2,087.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after acquiring an additional 501 shares during the period. Finally, Transcendent Capital Group LLC purchased a new position in shares of Molson Coors Beverage in the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

The stock has a fifty day moving average of $64.96 and a 200 day moving average of $62.36. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.50. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 1.98 and a beta of 0.86.

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.