Molson Coors Beverage Co. topped the S&P 500 Consumer Staples index for the second consecutive month as the brewer recorded a 30.5% gain in November.
According to data compiled by S&P Global Market Intelligence, the consumer staples sector rose 7.5% during the month but still underperformed the wider S&P 500's 10.9% gain.
All 11 sectors of the S&P 500 recorded positive returns during the month as the overall index enjoyed its best November since 1928 amid encouraging coronavirus vaccine developments and the U.S. election results.
Of the 33 constituents of the S&P 500 Consumer Staples index, only three registered share-price declines during the month.
Molson Coors on Nov. 5 said it completed the sale of its Irwindale, Calif., brewery to rival Pabst Brewing Co. LLC's Irwindale Brew Yard. Zacks Investment Research set a $49 target price on Molson Coors' stock in a Nov. 25 research note, citing the brewer's third-quarter earnings beat and developments with its revitalization plan to solidify its portfolio.
Food service company Sysco Corp.'s stock rose 28.9% in November, making it the second-best performer on the index. The company bounced back from being the second-worst consumer staples stock in October. Sysco on Nov. 3 reported earnings for the first quarter of fiscal 2021 that surpassed analyst estimates and named a new CFO on Nov. 17.
Constellation Brands Inc. recorded a 25.1% gain in November. Shares of the maker of Corona beer closed up 8.1% on Nov. 9 after it announced that it signed a consent order with the U.S. Federal Trade Commission that will clear a major hurdle in the sale of its low-priced wine brands to E. & J. Gallo Winery Inc. Constellation Brands' stock also increased almost 5% on Nov. 3 after Morgan Stanley upgraded it to overweight from equal weight, stating that the company has a "compelling valuation," CNBC reported.
Hormel Foods Corp. was the worst-performing stock on the S&P 500 Consumer Staples index in November with a 3.1% decline. On Nov. 24, the food company reported fourth-quarter earnings that missed estimates but still raised its annual dividend.
The Clorox Co. was the second-worst consumer staples stock with a decline of 1.6% for the month. The household products company's shares are up 31% year to date as demand for disinfectants surged amid the pandemic, but the stock slumped nearly 11% on Nov. 9 after positive results from COVID-19 vaccine trials were announced.
Household products manufacturer Church & Dwight Co. Inc. was the only other company in the consumer staples sector to record a decline in November, falling 0.4%.
Oil company Occidental Petroleum Corp. was the best-performing stock on the S&P 500 in November with a 72.6% gain, while real estate investment fund Apartment Investment & Management Co. sank to the bottom of the index after recording an 18.5% negative return.