Molson Coors Beverage (NYSE:TAP) Posts Quarterly Earnings Results, Beats Expectations By $0.21 EPS

Molson Coors Beverage (NYSE:TAP) released its earnings results on Tuesday. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21, Yahoo Finance reports. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 earnings per share.

Molson Coors Beverage Price Performance

TAP stock opened at $57.26 on Wednesday. The company has a 50 day simple moving average of $65.07 and a 200 day simple moving average of $62.40. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of 13.14, a P/E/G ratio of 2.19 and a beta of 0.84. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.07%. This is a boost 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%.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.71% of the company’s stock.

Wall Street Analysts Forecast Growth

TAP has been the subject of a number of analyst reports. StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price for the company. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Citigroup downgraded shares of Molson Coors Beverage from a “neutral” rating to a “sell” rating and decreased their target price for the company from $66.00 to $56.00 in a research report on Wednesday, April 24th. Finally, Barclays boosted their price objective on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and an average target price of $68.07.

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.