Montecito Bank & Trust Makes New Investment in CocaCola Company (The) $KO

Montecito Bank & Trust purchased a new position in CocaCola Company (The) (NYSE:KO) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 108,157 shares of the company’s stock, valued at approximately $7,173,000. CocaCola comprises about 1.1% of Montecito Bank & Trust’s portfolio, making the stock its 22nd biggest holding.

A number of other large investors have also made changes to their positions in the stock. Norges Bank acquired a new position in CocaCola in the 2nd quarter valued at about $3,846,270,000. Vanguard Group Inc. boosted its stake in shares of CocaCola by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 367,441,971 shares of the company’s stock worth $25,996,519,000 after purchasing an additional 6,241,163 shares during the last quarter. Laurel Wealth Advisors LLC grew its holdings in shares of CocaCola by 7,239.2% during the second quarter. Laurel Wealth Advisors LLC now owns 6,149,632 shares of the company’s stock worth $435,086,000 after buying an additional 6,065,840 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of CocaCola by 343.3% in the third quarter. Assenagon Asset Management S.A. now owns 4,486,096 shares of the company’s stock valued at $297,518,000 after buying an additional 3,474,015 shares during the last quarter. Finally, Amundi raised its position in shares of CocaCola by 16.0% in the first quarter. Amundi now owns 21,236,315 shares of the company’s stock valued at $1,554,074,000 after buying an additional 2,922,619 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Activity

In related news, COO Henrique Braun sold 40,390 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $70.93, for a total transaction of $2,864,862.70. Following the completion of the sale, the chief operating officer directly owned 62,621 shares of the company’s stock, valued at approximately $4,441,707.53. This represents a 39.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Monica Howard Douglas sold 13,548 shares of the stock in a transaction on Friday, October 24th. The shares were sold at an average price of $69.93, for a total value of $947,411.64. Following the completion of the sale, the executive vice president owned 37,725 shares of the company’s stock, valued at approximately $2,638,109.25. This represents a 26.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 225,252 shares of company stock valued at $15,953,007 over the last quarter. 0.97% of the stock is owned by insiders.

CocaCola Trading Up 0.3%

Shares of KO opened at $70.61 on Thursday. CocaCola Company has a twelve month low of $60.62 and a twelve month high of $74.38. The firm has a market capitalization of $303.75 billion, a P/E ratio of 23.38, a price-to-earnings-growth ratio of 3.91 and a beta of 0.39. The company has a current ratio of 1.21, a quick ratio of 1.00 and a debt-to-equity ratio of 1.30. The stock’s fifty day simple moving average is $70.11 and its 200 day simple moving average is $69.46.

CocaCola (NYSE:KO) last announced its quarterly earnings results on Thursday, March 27th. The company reported $0.55 EPS for the quarter. The company had revenue of $11.40 billion during the quarter. CocaCola had a return on equity of 43.62% and a net margin of 27.34%. On average, equities research analysts forecast that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.51 dividend. The ex-dividend date was Monday, December 1st. This represents a $2.04 annualized dividend and a yield of 2.9%. CocaCola’s dividend payout ratio (DPR) is presently 67.55%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Barclays restated an “overweight” rating on shares of CocaCola in a research report on Thursday, October 23rd. Bank of America raised their price objective on CocaCola from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Evercore ISI reaffirmed an “outperform” rating on shares of CocaCola in a research report on Tuesday, October 21st. TD Cowen upped their target price on CocaCola from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Finally, UBS Group reissued a “buy” rating on shares of CocaCola in a research note on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $79.08.

CocaCola 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.