Montecito Bank & Trust Sells 432 Shares of The Coca-Cola Company (NYSE:KO)

Montecito Bank & Trust decreased its position in The Coca-Cola Company (NYSE:KO) by 0.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 107,492 shares of the company’s stock after selling 432 shares during the period. Coca-Cola accounts for about 1.2% of Montecito Bank & Trust’s investment portfolio, making the stock its 20th biggest position. Montecito Bank & Trust’s holdings in Coca-Cola were worth $6,692,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Secure Asset Management LLC lifted its holdings in Coca-Cola by 20.1% during the fourth quarter. Secure Asset Management LLC now owns 34,868 shares of the company’s stock worth $2,171,000 after buying an additional 5,843 shares during the period. Red Door Wealth Management LLC grew its position in shares of Coca-Cola by 14.9% in the 4th quarter. Red Door Wealth Management LLC now owns 12,250 shares of the company’s stock worth $763,000 after buying an additional 1,589 shares during the last quarter. Galvin Gaustad & Stein LLC lifted its position in Coca-Cola by 0.9% during the fourth quarter. Galvin Gaustad & Stein LLC now owns 435,277 shares of the company’s stock valued at $27,100,000 after acquiring an additional 3,814 shares during the last quarter. Avior Wealth Management LLC grew its holdings in Coca-Cola by 3.3% in the fourth quarter. Avior Wealth Management LLC now owns 21,475 shares of the company’s stock worth $1,337,000 after purchasing an additional 691 shares during the last quarter. Finally, Beacon Investment Advisory Services Inc. lifted its holdings in shares of Coca-Cola by 3.3% during the 4th quarter. Beacon Investment Advisory Services Inc. now owns 7,171 shares of the company’s stock valued at $446,000 after purchasing an additional 232 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Analyst Upgrades and Downgrades

KO has been the topic of several recent analyst reports. Morgan Stanley reduced their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Hsbc Global Res raised shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Truist Financial upped their target price on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Piper Sandler dropped their price target on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, UBS Group reduced their price objective on Coca-Cola from $82.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Two 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.07.

Coca-Cola Stock Performance

NYSE KO opened at $61.54 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The Coca-Cola Company has a twelve month low of $57.93 and a twelve month high of $73.53. The stock has a 50-day moving average of $62.63 and a 200 day moving average of $66.40. The stock has a market capitalization of $265.08 billion, a price-to-earnings ratio of 25.43, a PEG ratio of 3.38 and a beta of 0.61.

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

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.