Molson Coors Beverage (NYSE:TAP) Shares Gap Down to $64.18

Shares of Molson Coors Beverage (NYSE:TAP - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $64.18, but opened at $62.43. Molson Coors Beverage shares last traded at $63.06, with a volume of 335,646 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TAP shares. Citigroup downgraded Molson Coors Beverage from a "neutral" rating to a "sell" rating and cut their price target for the stock from $66.00 to $56.00 in a research note on Wednesday. Piper Sandler started coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They issued a "neutral" rating and a $69.00 price target for the company. The Goldman Sachs Group raised shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and increased their price objective for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Barclays lifted their target price on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an "equal weight" rating in a report on Friday, April 12th. Finally, TheStreet upgraded shares of Molson Coors Beverage from a "c" rating to a "b-" rating in a report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $68.07.

Molson Coors Beverage Stock Down 0.7 %

The company's 50-day simple moving average is $65.08 and its two-hundred day simple moving average is $62.30. The firm has a market capitalization of $13.54 billion, a P/E ratio of 14.61, a P/E/G ratio of 2.23 and a beta of 0.84. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.50.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.07. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. Molson Coors Beverage's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.30 earnings per share. As a group, research analysts expect that Molson Coors Beverage will post 5.67 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.76%. 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. Molson Coors Beverage's dividend payout ratio is currently 40.37%.

Insiders Place Their Bets

In other news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction on Monday, February 12th. The shares were 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.71% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TAP. Tennessee Valley Asset Management Partners bought a new position in shares of Molson Coors Beverage during the fourth quarter worth $29,000. Stone House Investment Management LLC bought a new position in shares of Molson Coors Beverage during the 3rd quarter valued at about $32,000. Montag A & Associates Inc. purchased a new position in shares of Molson Coors Beverage during the fourth quarter valued at about $31,000. Raleigh Capital Management Inc. increased its holdings 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 purchasing an additional 501 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its position in shares of Molson Coors Beverage by 46.6% in the first quarter. Venturi Wealth Management LLC now owns 585 shares of the company's stock worth $39,000 after buying an additional 186 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

About Molson Coors Beverage

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.