Molson Coors Beverage (NYSE:TAP) Hits New 52-Week Low - Here's Why

Molson Coors Beverage Company (NYSE:TAP - Get Free Report) shares hit a new 52-week low on Monday . The stock traded as low as $49.36 and last traded at $49.59, with a volume of 2018895 shares trading hands. The stock had previously closed at $50.59.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Berenberg Bank assumed coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price target for the company. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. UBS Group cut their target price on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Morgan Stanley dropped their target price on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $63.26.

Molson Coors Beverage Stock Down 1.2%

The company's fifty day simple moving average is $55.32 and its 200-day simple moving average is $57.31. The firm has a market capitalization of $9.86 billion, a PE ratio of 9.81, a price-to-earnings-growth ratio of 1.84 and a beta of 0.72. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm's quarterly revenue was down 11.3% compared to the same quarter last year. On average, analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's payout ratio is currently 37.83%.

Insiders Place Their Bets

In other news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the sale, the director now directly owns 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.71% of the stock is owned by insiders.

Hedge Funds Weigh In On Molson Coors Beverage

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TAP. Voya Investment Management LLC raised its stake in shares of Molson Coors Beverage by 0.9% in the first quarter. Voya Investment Management LLC now owns 54,875 shares of the company's stock worth $3,340,000 after purchasing an additional 465 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Molson Coors Beverage in the 1st quarter worth approximately $3,123,000. Geneos Wealth Management Inc. raised its position in Molson Coors Beverage by 32.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock worth $49,000 after buying an additional 198 shares during the last quarter. Intech Investment Management LLC raised its position in Molson Coors Beverage by 107.5% during the 1st quarter. Intech Investment Management LLC now owns 64,636 shares of the company's stock worth $3,934,000 after buying an additional 33,482 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new stake in Molson Coors Beverage during the 1st quarter valued at approximately $1,380,000. Hedge funds and other institutional investors own 78.46% of the company's stock.

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.