CNB Bank Sells 180 Shares of The Coca-Cola Company (NYSE:KO)

CNB Bank reduced its position in The Coca-Cola Company (NYSE:KO) by 1.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 16,218 shares of the company’s stock after selling 180 shares during the quarter. CNB Bank’s holdings in Coca-Cola were worth $1,010,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in KO. FMR LLC raised its holdings in shares of Coca-Cola by 13.7% during the 3rd quarter. FMR LLC now owns 92,961,376 shares of the company’s stock worth $6,680,205,000 after buying an additional 11,206,995 shares in the last quarter. Geode Capital Management LLC grew its position in Coca-Cola by 3.3% in the third quarter. Geode Capital Management LLC now owns 92,957,028 shares of the company’s stock valued at $6,664,005,000 after acquiring an additional 2,966,964 shares during the last quarter. Legal & General Group Plc grew its position in Coca-Cola by 2.9% in the second quarter. Legal & General Group Plc now owns 38,701,876 shares of the company’s stock valued at $2,463,373,000 after acquiring an additional 1,084,475 shares during the last quarter. Wellington Management Group LLP raised its stake in Coca-Cola by 14.5% during the third quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company’s stock worth $2,271,885,000 after acquiring an additional 4,013,996 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Coca-Cola by 6.1% in the third quarter. Franklin Resources Inc. now owns 27,984,953 shares of the company’s stock worth $1,990,407,000 after acquiring an additional 1,609,565 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Coca-Cola Stock Performance

Shares of KO stock opened at $62.45 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The business’s 50 day simple moving average is $62.74 and its 200 day simple moving average is $66.44. The stock has a market capitalization of $269.02 billion, a PE ratio of 25.83, a PEG ratio of 3.35 and a beta of 0.61.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The company had revenue of $11.85 billion for the quarter, compared to analyst estimates of $11.61 billion. During the same period in the prior year, the firm posted $0.74 EPS. The company’s quarterly revenue was down .8% on a year-over-year basis. As a group, research analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Insiders Place Their Bets

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the transaction, the chief executive officer now directly owns 342,546 shares in the company, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Truist Financial upped their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. UBS Group decreased their target price on shares of Coca-Cola from $82.00 to $72.00 and set a “buy” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft upgraded Coca-Cola from a “hold” rating to a “buy” rating and increased their price target for the company from $68.00 to $70.00 in a research note on Thursday, December 12th. Wells Fargo & Company reduced their price objective on Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Piper Sandler assumed coverage on Coca-Cola in a research report on Tuesday, January 7th. They issued an “overweight” rating and a $74.00 target price for the company. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.60.

Coca-Cola Profile

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.