First Citizens Bank & Trust Co. lowered its holdings in Coca-Cola Co (The) (NYSE:KO) by 22.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 108,146 shares of the company’s stock after selling 32,062 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Coca-Cola were worth $5,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also bought and sold shares of the company. Costello Asset Management INC purchased a new position in shares of Coca-Cola in the second quarter worth $25,000. Demars Financial Group LLC purchased a new position in shares of Coca-Cola in the second quarter worth $27,000. Evolution Wealth Advisors LLC raised its stake in shares of Coca-Cola by 112.5% in the second quarter. Evolution Wealth Advisors LLC now owns 627 shares of the company’s stock worth $28,000 after purchasing an additional 332 shares during the last quarter. Anderson Fisher LLC raised its stake in shares of Coca-Cola by 26.5% in the second quarter. Anderson Fisher LLC now owns 1,142 shares of the company’s stock worth $51,000 after purchasing an additional 239 shares during the last quarter. Finally, AlphaMark Advisors LLC raised its stake in shares of Coca-Cola by 22.2% in the second quarter. AlphaMark Advisors LLC now owns 1,205 shares of the company’s stock worth $54,000 after purchasing an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 65.86% of the company’s stock.
In other news, SVP Robert Edward Long sold 37,534 shares of Coca-Cola stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $48.21, for a total value of $1,809,514.14. Following the completion of the transaction, the senior vice president now owns 82,502 shares in the company, valued at approximately $3,977,421.42. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David B. Weinberg sold 98,905 shares of Coca-Cola stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $48.50, for a total value of $4,796,892.50. Following the completion of the transaction, the director now owns 355,214 shares of the company’s stock, valued at approximately $17,227,879. The disclosure for this sale can be found here. Insiders have sold 836,439 shares of company stock valued at $40,380,407 in the last quarter. 1.01% of the stock is currently owned by company insiders.
Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Tuesday, July 21st. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Coca-Cola had a return on equity of 41.44% and a net margin of 26.77%. The firm had revenue of $7.20 billion for the quarter, compared to the consensus estimate of $7.26 billion. During the same quarter last year, the company earned $0.63 earnings per share. The business’s revenue for the quarter was down 28.0% compared to the same quarter last year. Research analysts anticipate that Coca-Cola Co will post 1.79 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Monday, November 30th. Coca-Cola’s dividend payout ratio is currently 77.73%.
Several research analysts have recently weighed in on KO shares. Bank of America restated a “buy” rating and issued a $53.00 price target on shares of Coca-Cola in a research note on Friday, July 17th. Morgan Stanley upgraded Coca-Cola from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $52.00 to $54.00 in a research report on Wednesday, July 22nd. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Coca-Cola from a “hold” rating to a “sell” rating and set a $52.00 price objective for the company. in a research report on Tuesday, September 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $54.19.
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; water, enhanced water, and sports drinks; juice, dairy, and plant-based beverages; teas and coffees; and energy drinks. It also offers concentrates, syrups, beverage bases, source waters, and powders/minerals, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
Further Reading: Understanding Specialty Certificates of Deposit
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