Q2 2024 EPS Estimates for Molson Coors Beverage (NYSE:TAP) Cut by Wedbush

Molson Coors Beverage (NYSE:TAP) – Wedbush dropped their Q2 2024 earnings estimates for Molson Coors Beverage in a research report issued to clients and investors on Wednesday, May 1st. Wedbush analyst G. Pascarelli now expects that the company will post earnings of $1.71 per share for the quarter, down from their prior estimate of $1.78. The consensus estimate for Molson Coors Beverage’s current full-year earnings is $5.67 per share. Wedbush also issued estimates for Molson Coors Beverage’s Q3 2024 earnings at $1.79 EPS, Q4 2024 earnings at $1.22 EPS and Q1 2025 earnings at $0.92 EPS.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter last year, the business earned $0.54 earnings per share. Molson Coors Beverage’s revenue was up 10.7% on a year-over-year basis.

TAP has been the topic of several other research reports. Barclays decreased their price target on Molson Coors Beverage from $67.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. UBS Group reduced their price objective on shares of Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Finally, The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $65.53.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $58.27 on Monday. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. The company has a market cap of $12.39 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 2.09 and a beta of 0.86. The company has a 50 day moving average of $64.57 and a 200-day moving average of $62.35. Molson Coors Beverage has a 1-year low of $55.67 and a 1-year high of $70.90.

Institutional Trading of Molson Coors Beverage

Institutional investors have recently modified their holdings of the business. Tennessee Valley Asset Management Partners purchased a new position in Molson Coors Beverage during the fourth quarter valued at approximately $29,000. Montag A & Associates Inc. purchased a new position in shares of Molson Coors Beverage during the 4th quarter valued at $31,000. Stone House Investment Management LLC bought a new position in shares of Molson Coors Beverage in the third quarter worth $32,000. Raleigh Capital Management Inc. raised its position in shares of Molson Coors Beverage by 2,087.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after buying an additional 501 shares in the last quarter. Finally, Transcendent Capital Group LLC bought a new stake in Molson Coors Beverage during the fourth quarter valued at $36,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.71% of the company’s stock.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a $0.44 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a yield of 3.02%. Molson Coors Beverage’s payout ratio is currently 35.20%.

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.