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

Synovus Financial Corp purchased a new stake in shares of Molson Coors Beverage (NYSE:TAP) in the third quarter, Holdings Channel reports. The firm purchased 11,898 shares of the company’s stock, valued at approximately $684,000.

Several other institutional investors have also recently bought and sold shares of TAP. Family Firm Inc. acquired a new position in shares of Molson Coors Beverage during the second quarter valued at about $26,000. Altshuler Shaham Ltd bought a new position in Molson Coors Beverage in the 2nd quarter valued at about $27,000. Ashton Thomas Securities LLC acquired a new position in Molson Coors Beverage during the 3rd quarter valued at about $35,000. Gladius Capital Management LP bought a new stake in Molson Coors Beverage during the 3rd quarter worth approximately $42,000. Finally, Quarry LP purchased a new stake in shares of Molson Coors Beverage in the second quarter worth approximately $54,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TAP shares. JPMorgan Chase & Co. lifted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Needham & Company LLC initiated coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They issued a “buy” rating and a $72.00 target price for the company. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.00.

Molson Coors Beverage Stock Down 0.6 %

TAP opened at $59.25 on Wednesday. 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 $12.21 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 2.38 and a beta of 0.85. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $58.62 and a 200 day moving average of $55.06.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. The company 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 9.24% and a net margin of 6.78%. The firm’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.92 earnings per share. On average, sell-side analysts expect that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s payout ratio is 39.64%.

About Molson Coors Beverage

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.