11,898 Shares in Molson Coors Beverage (NYSE:TAP) Bought by Synovus Financial Corp

Synovus Financial Corp acquired a new stake in Molson Coors Beverage (NYSE:TAP - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,898 shares of the company's stock, valued at approximately $684,000.

Other hedge funds have also recently bought and sold shares of the company. Clark Estates Inc. NY grew its position in shares of Molson Coors Beverage by 18.1% during the 3rd quarter. Clark Estates Inc. NY now owns 60,000 shares of the company's stock worth $3,451,000 after purchasing an additional 9,200 shares in the last quarter. Wakefield Asset Management LLLP increased its stake in shares of Molson Coors Beverage by 124.5% in the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company's stock valued at $2,709,000 after purchasing an additional 29,552 shares during the last quarter. Qsemble Capital Management LP lifted its holdings in shares of Molson Coors Beverage by 23.5% in the third quarter. Qsemble Capital Management LP now owns 48,474 shares of the company's stock worth $2,788,000 after acquiring an additional 9,234 shares during the last quarter. Quest Partners LLC boosted its position in Molson Coors Beverage by 252,400.0% in the second quarter. Quest Partners LLC now owns 17,675 shares of the company's stock valued at $898,000 after buying an additional 17,668 shares in the last quarter. Finally, 1832 Asset Management L.P. bought a new position in shares of Molson Coors Beverage in the 2nd quarter valued at $1,237,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP traded down $0.93 during mid-day trading on Wednesday, reaching $58.32. 1,731,087 shares of the company's stock were exchanged, compared to its average volume of 1,902,558. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The firm has a 50-day moving average price of $58.73 and a two-hundred day moving average price of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The firm has a market capitalization of $12.01 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 2.38 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business's revenue for the quarter was down 7.8% on a year-over-year basis. During the same period last year, the business posted $1.92 earnings per share. Analysts predict that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage's payout ratio is 39.64%.

Analyst Ratings Changes

A number of equities analysts have issued reports on TAP shares. Needham & Company LLC assumed coverage on Molson Coors Beverage in a report on Friday, December 6th. They issued a "buy" rating and a $72.00 target price for the company. Bank of America upgraded shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $57.00 to $70.00 in a report on Friday, December 6th. JPMorgan Chase & Co. raised their price objective on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. StockNews.com upgraded Molson Coors Beverage from a "hold" rating to a "buy" rating in a report on Friday, December 13th. Finally, Hsbc Global Res cut shares of Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $62.00.

Molson Coors Beverage 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.