The Coca-Cola Company (NYSE:KO) Shares Sold by Trustco Bank Corp N Y

Trustco Bank Corp N Y trimmed its holdings in The Coca-Cola Company (NYSE:KO) by 2.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,857 shares of the company’s stock after selling 1,261 shares during the quarter. Coca-Cola comprises approximately 2.9% of Trustco Bank Corp N Y’s portfolio, making the stock its 11th biggest position. Trustco Bank Corp N Y’s holdings in Coca-Cola were worth $2,668,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KO. Voleon Capital Management LP acquired a new stake in shares of Coca-Cola in the fourth quarter valued at approximately $2,513,000. Rice Partnership LLC boosted its holdings in shares of Coca-Cola by 7.1% in the fourth quarter. Rice Partnership LLC now owns 102,746 shares of the company’s stock valued at $6,397,000 after acquiring an additional 6,793 shares during the period. Newbridge Financial Services Group Inc. boosted its holdings in shares of Coca-Cola by 62.2% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 26,708 shares of the company’s stock valued at $1,663,000 after acquiring an additional 10,240 shares during the period. Lockheed Martin Investment Management Co. boosted its holdings in shares of Coca-Cola by 16.3% in the fourth quarter. Lockheed Martin Investment Management Co. now owns 218,985 shares of the company’s stock valued at $13,634,000 after acquiring an additional 30,650 shares during the period. Finally, abrdn plc boosted its holdings in shares of Coca-Cola by 0.3% in the fourth quarter. abrdn plc now owns 7,238,640 shares of the company’s stock valued at $447,963,000 after acquiring an additional 22,904 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 145,435 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $71.01, for a total value of $10,327,339.35. Following the completion of the transaction, the chief executive officer now owns 342,546 shares of the company’s stock, valued at approximately $24,324,191.46. The trade was a 29.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruno Pietracci sold 19,058 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $70.56, for a total transaction of $1,344,732.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 462,407 shares of company stock valued at $32,990,056. 0.97% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on KO shares. Barclays reissued an “overweight” rating on shares of Coca-Cola in a report on Thursday, March 27th. DZ Bank raised Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Thursday, February 13th. Morgan Stanley increased their price target on Coca-Cola from $76.00 to $78.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Royal Bank of Canada increased their price target on Coca-Cola from $73.00 to $76.00 and gave the stock an “outperform” rating in a report on Wednesday, April 30th. Finally, Jefferies Financial Group raised Coca-Cola from a “hold” rating to a “buy” rating and increased their price target for the stock from $69.00 to $75.00 in a report on Thursday, January 30th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $75.59.

Coca-Cola Trading Up 0.6%

NYSE:KO opened at $72.01 on Monday. The company has a market capitalization of $309.93 billion, a PE ratio of 29.15, a price-to-earnings-growth ratio of 3.79 and a beta of 0.47. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.61. The Coca-Cola Company has a 52-week low of $60.62 and a 52-week high of $74.38. The stock has a fifty day simple moving average of $70.88 and a 200-day simple moving average of $66.78.

Coca-Cola (NYSE:KO) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.02. The business had revenue of $11.13 billion during the quarter, compared to the consensus estimate of $11.23 billion. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. The business’s revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.72 EPS. On average, equities research analysts expect that The Coca-Cola Company will post 2.96 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, June 13th. Coca-Cola’s dividend payout ratio (DPR) is presently 81.60%.

About Coca-Cola

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.