Molson Coors Beverage (NYSE:TAP) Announces Quarterly Earnings Results

Molson Coors Beverage (NYSE:TAP) announced its quarterly earnings data on Thursday. The company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.15, Briefing.com reports. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.92 earnings per share.

Molson Coors Beverage Stock Performance

Shares of TAP stock traded up $2.83 during trading hours on Friday, reaching $59.56. 3,629,668 shares of the company traded hands, compared to its average volume of 1,910,368. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a market cap of $12.34 billion, a P/E ratio of 13.41, a P/E/G ratio of 2.43 and a beta of 0.82. The firm has a 50-day moving average price of $55.46 and a 200 day moving average price of $54.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TAP shares. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $52.00 to $74.00 in a research report on Friday. Deutsche Bank Aktiengesellschaft upped their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. UBS Group lifted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Jefferies Financial Group dropped their price target on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a research report on Thursday, July 18th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $60.15.

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.