Fifth Third Bancorp Raises Stock Holdings in The Coca-Cola Company (NYSE:KO)

Fifth Third Bancorp boosted its holdings in shares of The Coca-Cola Company (NYSE:KO) by 0.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,672,567 shares of the company’s stock after purchasing an additional 10,024 shares during the quarter. Fifth Third Bancorp’s holdings in Coca-Cola were worth $104,134,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Fred Alger Management LLC raised its position in shares of Coca-Cola by 7.5% during the 2nd quarter. Fred Alger Management LLC now owns 102,078 shares of the company’s stock valued at $6,497,000 after acquiring an additional 7,160 shares in the last quarter. MBB Public Markets I LLC raised its holdings in shares of Coca-Cola by 1,716.8% during the second quarter. MBB Public Markets I LLC now owns 290,784 shares of the company’s stock worth $18,508,000 after purchasing an additional 274,779 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Coca-Cola by 1.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,393,352 shares of the company’s stock valued at $152,337,000 after buying an additional 22,623 shares during the period. Mackenzie Financial Corp grew its position in shares of Coca-Cola by 7.6% during the 2nd quarter. Mackenzie Financial Corp now owns 3,851,055 shares of the company’s stock valued at $245,120,000 after buying an additional 272,896 shares during the last quarter. Finally, Lummis Asset Management LP raised its stake in Coca-Cola by 1.1% during the second quarter. Lummis Asset Management LP now owns 14,855 shares of the company’s stock worth $946,000 after acquiring an additional 167 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO James Quincey sold 100,000 shares of the stock in a transaction 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. This trade represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.97% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on KO shares. Barclays cut their price target on Coca-Cola from $73.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Hsbc Global Res raised shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. TD Cowen upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Wednesday, January 8th. Truist Financial lifted their price target on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley lowered 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. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.07.

Coca-Cola Stock Performance

Shares of NYSE KO opened at $61.98 on Friday. The Coca-Cola Company has a 52-week low of $57.93 and a 52-week high of $73.53. The stock’s fifty day simple moving average is $62.61 and its 200 day simple moving average is $66.37. The stock has a market capitalization of $267.01 billion, a price-to-earnings ratio of 25.61, a PEG ratio of 3.38 and a beta of 0.61. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last released 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 company had revenue of $11.85 billion during 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 company’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share. As a group, sell-side analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

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.