Molson Coors Beverage (NYSE:TAP) Updates FY24 Earnings Guidance

Molson Coors Beverage (NYSE:TAP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of ~$5.70 for the period, compared to the consensus estimate of $5.60.

Molson Coors Beverage Stock Down 2.4 %

Shares of NYSE:TAP traded down $1.27 during trading on Wednesday, hitting $52.63. 2,323,635 shares of the company’s stock traded hands, compared to its average volume of 1,958,853. 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 50-day moving average price of $51.82 and a 200-day moving average price of $58.71. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The company has a market cap of $11.15 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 2.26 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter in the prior year, the company earned $1.78 EPS. The company’s revenue was down .4% on a year-over-year basis. As a group, research analysts forecast that Molson Coors Beverage will post 5.56 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.34%. Molson Coors Beverage’s dividend payout ratio is 35.20%.

Analysts Set New Price Targets

Several analysts recently issued reports on TAP shares. The Goldman Sachs Group upgraded Molson Coors Beverage from a neutral rating to a buy rating and upped their target price for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft upped their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a hold rating in a research note on Wednesday. Piper Sandler raised their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a neutral rating in a research note on Wednesday. Wells Fargo & Company upped their price target on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the stock an underweight rating in a research report on Wednesday. Finally, TD Cowen cut shares of Molson Coors Beverage from a buy rating to a hold rating and cut their price target for the company from $68.00 to $58.00 in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average 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.