Legacy Private Trust Co. Cuts Stake in The Coca-Cola Company (NYSE:KO)

Legacy Private Trust Co. reduced its stake in The Coca-Cola Company (NYSE:KO) by 5.9% during the third quarter, according to its most recent filing with the SEC. The fund owned 13,558 shares of the company’s stock after selling 857 shares during the quarter. Legacy Private Trust Co.’s holdings in Coca-Cola were worth $974,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KO. New Millennium Group LLC purchased a new position in shares of Coca-Cola in the 2nd quarter worth about $26,000. Quarry LP purchased a new stake in Coca-Cola during the second quarter valued at about $27,000. Redmont Wealth Advisors LLC purchased a new stake in Coca-Cola during the first quarter valued at about $28,000. ESL Trust Services LLC purchased a new stake in Coca-Cola during the first quarter valued at about $28,000. Finally, DiNuzzo Private Wealth Inc. lifted its holdings in Coca-Cola by 65.0% during the first quarter. DiNuzzo Private Wealth Inc. now owns 523 shares of the company’s stock valued at $32,000 after purchasing an additional 206 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

KO has been the topic of several recent research reports. TD Cowen upped their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Truist Financial upped their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Royal Bank of Canada upped their price target on Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. StockNews.com cut Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $71.07.

Insider Transactions at Coca-Cola

In other news, EVP Nancy Quan sold 19,304 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $64.96, for a total value of $1,253,987.84. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $14,507,516.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Bruno Pietracci sold 38,653 shares of Coca-Cola stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Nancy Quan sold 19,304 shares of Coca-Cola stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the completion of the sale, the executive vice president now owns 223,330 shares in the company, valued at approximately $14,507,516.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 376,096 shares of company stock worth $25,982,352. Insiders own 0.97% of the company’s stock.

Coca-Cola Trading Up 0.2 %

Shares of KO opened at $69.16 on Wednesday. The company has a market capitalization of $297.94 billion, a P/E ratio of 27.66, a P/E/G ratio of 3.97 and a beta of 0.60. The Coca-Cola Company has a 1-year low of $52.11 and a 1-year high of $73.53. The firm’s 50 day simple moving average is $70.40 and its 200 day simple moving average is $65.21. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.08 and a quick ratio of 0.92.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.81 by $0.03. The firm had revenue of $12.40 billion for the quarter, compared to the consensus estimate of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.78 earnings per share. Sell-side analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Friday, September 13th. Coca-Cola’s dividend payout ratio is 77.60%.

About Coca-Cola

The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks, sparkling flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and other beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.