Molson Coors Beverage Company (TAP) will reinstate its quarterly dividend. The beer company suspended its dividend in 2020 because of the COVID-19 pandemic. In 2019 TAP had last raised the quarterly dividend with a 39.0 percent hike to $0.57 per share.
The new quarterly dividend is $0.34 per share and will be paid on September 17, 2021 to shareholders of record on August 30, 2021. The new annual dividend rate of $1.36 per share will yield 2.7% at a stock price of $50.49.
“Just over 18 months into our revitalization plan, we continue to execute and advance towards our long-term goal of sustainable topline growth,” said Molson Coors President and CEO Gavin Hattersley. “Because of the work done through our revitalization plan, today we can reaffirm our full year guidance with confidence, while at the same time reinstating a dividend to enhance shareholder value and repaying $1 billion in bonds to continue deleveraging.”
Molson Coors Beverage Company, formerly Molson Coors Brewing Company, is a beer brewer. The company's brands include Coors Light, Coors Banquet, Miller Lite, Molson Canadian, Carling, Staropramen, Sharp’s Doom Bar, Leinenkugel’s Summer Shandy, Blue Moon Belgian White, Hop Valley, Creemore Springs, Crispin Cider. Molson Coors operates through Molson Coors Canada, MillerCoors in the U.S., Molson Coors Europe and Molson Coors International. Prior to the dividend suspension in 2020 Molson Coors had been paying an uninterrupted dividend to shareholders every year for many decades.