The Coca-Cola Company (NYSE:KO) is Patten Group Inc.’s 4th Largest Position

Patten Group Inc. lessened its position in shares of The Coca-Cola Company (NYSE:KO) by 3.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 181,297 shares of the company’s stock after selling 7,431 shares during the quarter. Coca-Cola comprises 2.9% of Patten Group Inc.’s investment portfolio, making the stock its 4th biggest holding. Patten Group Inc.’s holdings in Coca-Cola were worth $13,028,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Swedbank AB acquired a new stake in shares of Coca-Cola during the first quarter worth about $102,604,000. BDF Gestion acquired a new stake in Coca-Cola during the 2nd quarter worth approximately $7,421,000. Duality Advisers LP grew its stake in shares of Coca-Cola by 191.1% in the 1st quarter. Duality Advisers LP now owns 111,851 shares of the company’s stock valued at $6,843,000 after purchasing an additional 73,434 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Coca-Cola by 0.7% in the first quarter. TD Asset Management Inc now owns 2,935,238 shares of the company’s stock valued at $179,578,000 after purchasing an additional 20,048 shares during the period. Finally, New Mexico Educational Retirement Board raised its stake in shares of Coca-Cola by 11.6% during the first quarter. New Mexico Educational Retirement Board now owns 226,020 shares of the company’s stock worth $14,013,000 after purchasing an additional 23,500 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

KO has been the topic of a number of analyst reports. Barclays lifted their price objective on shares of Coca-Cola from $69.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Truist Financial lifted their price objective on Coca-Cola from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Morgan Stanley increased their target price on Coca-Cola from $70.00 to $78.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, Bank of America lifted their price target on Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Coca-Cola has a consensus rating of “Moderate Buy” and an average price target of $71.07.

Coca-Cola Stock Performance

Shares of KO opened at $69.56 on Thursday. The Coca-Cola Company has a 12-month low of $52.43 and a 12-month high of $73.53. The stock has a market cap of $299.66 billion, a P/E ratio of 27.82, a PEG ratio of 3.97 and a beta of 0.60. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39. The company has a 50-day moving average of $70.43 and a two-hundred day moving average of $65.27.

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

Coca-Cola Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.485 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.94 annualized dividend and a dividend yield of 2.79%. Coca-Cola’s dividend payout ratio is currently 77.60%.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 102,533 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total value of $7,179,360.66. Following the completion of the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at approximately $30,987,070.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO James Quincey sold 102,533 shares of Coca-Cola stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the completion of the sale, the chief executive officer now directly owns 442,546 shares in the company, valued at $30,987,070.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nancy Quan sold 18,484 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 376,096 shares of company stock valued at $25,982,352 over the last quarter. Insiders own 0.97% of the company’s stock.

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.