Molson Coors Beverage (NYSE:TAP) Announces Quarterly Earnings Results, Beats Estimates By $0.24 EPS

Molson Coors Beverage (NYSE:TAP) posted its quarterly earnings results on Tuesday. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.24, Briefing.com reports. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the business earned $1.78 earnings per share. Molson Coors Beverage updated its FY24 guidance to ~$5.70 EPS.

Molson Coors Beverage Stock Down 3.3 %

Shares of NYSE:TAP traded down $1.80 during midday trading on Wednesday, reaching $52.10. 3,680,785 shares of the company were exchanged, compared to its average volume of 1,967,864. The firm has a market cap of $11.04 billion, a PE ratio of 10.42, a P/E/G ratio of 2.26 and a beta of 0.81. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The stock has a fifty day simple moving average of $51.80 and a two-hundred day simple moving average of $58.66.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio is 35.20%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TAP shares. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. JPMorgan Chase & Co. upped their target price on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday. Citigroup dropped their price objective on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Finally, Bank of America cut their target price on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $60.40.

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.