Canandaigua National Bank & Trust Co. cut its stake in shares of The Coca-Cola Co (NYSE:KO) by 3.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 92,564 shares of the company’s stock after selling 3,106 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in The Coca-Cola were worth $4,276,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in The Coca-Cola by 8.7% during the first quarter. Principal Financial Group Inc. now owns 8,128,273 shares of the company’s stock valued at $353,011,000 after acquiring an additional 648,091 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of The Coca-Cola by 1.7% during the 2nd quarter. Fisher Asset Management LLC now owns 558,855 shares of the company’s stock worth $24,511,000 after purchasing an additional 9,586 shares in the last quarter. Xact Kapitalforvaltning AB boosted its position in shares of The Coca-Cola by 3.1% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 427,980 shares of the company’s stock worth $18,771,000 after purchasing an additional 12,815 shares in the last quarter. CX Institutional bought a new position in shares of The Coca-Cola during the 2nd quarter worth about $850,000. Finally, NN Investment Partners Holdings N.V. boosted its position in shares of The Coca-Cola by 3.2% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 995,310 shares of the company’s stock worth $43,656,000 after purchasing an additional 31,161 shares in the last quarter. 65.45% of the stock is owned by hedge funds and other institutional investors.
KO opened at $49.68 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 1.26. The Coca-Cola Co has a fifty-two week low of $41.45 and a fifty-two week high of $49.89. The stock has a market capitalization of $209.50 billion, a P/E ratio of 26.01, a price-to-earnings-growth ratio of 3.22 and a beta of 0.60.
The Coca-Cola (NYSE:KO) last posted its earnings results on Tuesday, October 30th. The company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. The Coca-Cola had a net margin of 8.70% and a return on equity of 43.12%. The company had revenue of $8.25 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same quarter in the prior year, the business posted $0.50 EPS. The firm’s revenue was down 9.2% compared to the same quarter last year. Equities analysts forecast that The Coca-Cola Co will post 2.08 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.14%. The Coca-Cola’s dividend payout ratio is presently 81.68%.
KO has been the topic of a number of research analyst reports. Citigroup set a $56.00 price objective on shares of The Coca-Cola and gave the stock a “buy” rating in a research report on Friday. Morgan Stanley set a $50.00 price objective on shares of The Coca-Cola and gave the stock a “neutral” rating in a research report on Monday, October 15th. Macquarie set a $47.00 price objective on shares of The Coca-Cola and gave the stock a “neutral” rating in a research report on Friday, September 14th. Morningstar set a $49.00 price objective on shares of The Coca-Cola and gave the stock a “neutral” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $50.00 price objective on shares of The Coca-Cola in a research report on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $51.43.
In related news, insider Ed Hays sold 45,400 shares of the company’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $49.47, for a total value of $2,245,938.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Francisco Crespo sold 54,200 shares of the stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $48.50, for a total transaction of $2,628,700.00. Following the completion of the sale, the senior vice president now owns 96,026 shares of the company’s stock, valued at approximately $4,657,261. The disclosure for this sale can be found here. Insiders sold a total of 176,354 shares of company stock worth $8,559,188 in the last 90 days. 1.48% of the stock is currently owned by company insiders.
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The Coca-Cola Profile
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides water, enhanced water, and sports drinks; juices; juice, dairy, and plantbased 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.
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