PNC Financial Services Group Inc. Reduces Holdings in The Coca-Cola Company (NYSE:KO)

PNC Financial Services Group Inc. reduced its stake in shares of The Coca-Cola Company (NYSE:KO) by 0.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 6,097,513 shares of the company’s stock after selling 12,601 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Coca-Cola were worth $438,167,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KO. Lake Street Advisors Group LLC raised its position in Coca-Cola by 60.8% in the 1st quarter. Lake Street Advisors Group LLC now owns 26,361 shares of the company’s stock valued at $1,626,000 after purchasing an additional 9,968 shares during the last quarter. Ossiam boosted its stake in shares of Coca-Cola by 157.0% during the first quarter. Ossiam now owns 175,804 shares of the company’s stock worth $10,756,000 after buying an additional 107,393 shares during the period. Evermay Wealth Management LLC increased its position in Coca-Cola by 4.0% in the 1st quarter. Evermay Wealth Management LLC now owns 8,519 shares of the company’s stock valued at $525,000 after acquiring an additional 329 shares during the period. Elgethun Capital Management raised its stake in Coca-Cola by 7.3% during the 1st quarter. Elgethun Capital Management now owns 10,485 shares of the company’s stock valued at $638,000 after acquiring an additional 710 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new stake in Coca-Cola during the 1st quarter worth approximately $169,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on KO shares. Royal Bank of Canada upped their price target on Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. TD Cowen raised their target price on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Truist Financial boosted their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Finally, Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.36.

Coca-Cola Price Performance

Shares of NYSE:KO opened at $61.85 on Tuesday. The Coca-Cola Company has a one year low of $56.96 and a one year high of $73.53. The stock has a market cap of $266.44 billion, a PE ratio of 25.56, a price-to-earnings-growth ratio of 3.75 and a beta of 0.61. The business’s fifty day moving average price is $68.43 and its two-hundred day moving average price is $66.54. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06.

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

Coca-Cola Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.14%. Coca-Cola’s payout ratio is 80.17%.

Insider Activity at Coca-Cola

In related news, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $15,968,095. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James Quincey sold 100,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the completion of the transaction, the chief executive officer now directly owns 342,546 shares in the company, valued at $21,933,220.38. This trade represents a 22.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 303,748 shares of company stock worth $20,677,431. 0.97% of the stock is owned by insiders.

Coca-Cola Company 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.