Chemung Canal Trust Co. Sells 639 Shares of The Coca-Cola Company (NYSE:KO)

Chemung Canal Trust Co. reduced its stake in shares of The Coca-Cola Company (NYSE:KO) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,502 shares of the company’s stock after selling 639 shares during the quarter. Chemung Canal Trust Co.’s holdings in Coca-Cola were worth $3,824,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. ZRC Wealth Management LLC increased its stake in Coca-Cola by 213.3% in the fourth quarter. ZRC Wealth Management LLC now owns 470 shares of the company’s stock valued at $26,000 after purchasing an additional 320 shares in the last quarter. Tidemark LLC acquired a new position in shares of Coca-Cola in the 4th quarter valued at $26,000. Private Wealth Management Group LLC bought a new stake in shares of Coca-Cola in the 4th quarter valued at $27,000. Criterion Capital Advisors LLC acquired a new stake in Coca-Cola during the 4th quarter worth $30,000. Finally, Frazier Financial Advisors LLC bought a new position in Coca-Cola during the fourth quarter worth about $31,000. 70.26% of the stock is owned by institutional investors.

Coca-Cola Trading Down 0.4 %

Coca-Cola stock opened at $63.65 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.04 and a quick ratio of 0.86. The firm has a 50-day moving average of $62.72 and a 200-day moving average of $60.78. The company has a market cap of $274.20 billion, a price-to-earnings ratio of 25.46, a P/E/G ratio of 3.60 and a beta of 0.59. The Coca-Cola Company has a one year low of $51.55 and a one year high of $64.36.

Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. Coca-Cola had a return on equity of 42.74% and a net margin of 23.41%. The firm had revenue of $11.30 billion during the quarter, compared to analysts’ expectations of $11.01 billion. During the same period in the prior year, the firm posted $0.68 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities analysts expect that The Coca-Cola Company will post 2.82 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 3.05%. The ex-dividend date is Friday, June 14th. Coca-Cola’s dividend payout ratio (DPR) is currently 77.60%.

Analyst Ratings Changes

KO has been the subject of several recent analyst reports. BNP Paribas assumed coverage on Coca-Cola in a report on Monday, June 24th. They issued an “outperform” rating and a $72.00 price target for the company. Barclays increased their target price on Coca-Cola from $68.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. UBS Group lifted their price target on shares of Coca-Cola from $70.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Argus increased their price objective on shares of Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Finally, Morgan Stanley boosted their price objective on shares of Coca-Cola from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Coca-Cola presently has an average rating of “Moderate Buy” and an average price target of $68.83.

Insider Buying and Selling at Coca-Cola

In other news, EVP Beatriz R. Perez sold 57,298 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $61.99, for a total value of $3,551,903.02. Following the sale, the executive vice president now directly owns 167,107 shares of the company’s stock, valued at approximately $10,358,962.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Coca-Cola news, EVP Nancy Quan sold 19,304 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $63.44, for a total value of $1,224,645.76. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $14,168,055.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Beatriz R. Perez sold 57,298 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $61.99, for a total transaction of $3,551,903.02. Following the sale, the executive vice president now owns 167,107 shares of the company’s stock, valued at approximately $10,358,962.93. The disclosure for this sale can be found here. Insiders sold a total of 223,665 shares of company stock worth $13,995,465 over the last quarter. 0.97% of the stock is currently 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.