Mechanics Bank Trust Department Sells 1,627 Shares of The Coca-Cola Company (NYSE:KO)

Mechanics Bank Trust Department lowered its stake in shares of The Coca-Cola Company (NYSE:KO) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,137 shares of the company’s stock after selling 1,627 shares during the quarter. Mechanics Bank Trust Department’s holdings in Coca-Cola were worth $4,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Harvest Portfolios Group Inc. acquired a new position in shares of Coca-Cola during the third quarter worth $18,383,000. Balentine LLC raised its stake in Coca-Cola by 92.4% in the third quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after buying an additional 13,685 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its stake in Coca-Cola by 104.9% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock valued at $8,351,000 after buying an additional 59,503 shares during the last quarter. Fiduciary Alliance LLC grew its stake in shares of Coca-Cola by 87.7% during the fourth quarter. Fiduciary Alliance LLC now owns 18,189 shares of the company’s stock worth $1,132,000 after acquiring an additional 8,499 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of Coca-Cola by 5.8% during the third quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock valued at $61,122,000 after acquiring an additional 46,541 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insider Buying and Selling at Coca-Cola

In related news, CEO James Quincey sold 100,000 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 342,546 shares in the company, valued at approximately $21,933,220.38. The trade was a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.97% of the company’s stock.

Coca-Cola Price Performance

Coca-Cola stock opened at $62.76 on Monday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The company’s fifty day moving average price is $62.69 and its 200 day moving average price is $66.43. The stock has a market capitalization of $270.34 billion, a P/E ratio of 25.93, a P/E/G ratio of 3.35 and a beta of 0.61. The Coca-Cola Company has a 1 year low of $57.93 and a 1 year high of $73.53.

Coca-Cola (NYSE:KO) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. The business had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.61 billion. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The company’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.74 earnings per share. As a group, equities research analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Morgan Stanley dropped their target price on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. TD Cowen raised Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Wednesday, January 8th. Piper Sandler initiated coverage on Coca-Cola in a research note on Tuesday, January 7th. They issued an “overweight” rating and a $74.00 target price for the company. Deutsche Bank Aktiengesellschaft raised Coca-Cola from a “hold” rating to a “buy” rating and increased their price objective for the company from $68.00 to $70.00 in a report on Thursday, December 12th. Finally, UBS Group decreased their target price on Coca-Cola from $82.00 to $72.00 and set a “buy” rating for the company in a report on Thursday. Two analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.13.

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.