The Coca-Cola Company (NYSE:KO) Shares Bought by Chemung Canal Trust Co.

Chemung Canal Trust Co. boosted its holdings in shares of The Coca-Cola Company (NYSE:KO) by 139.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 145,984 shares of the company’s stock after buying an additional 85,061 shares during the period. Coca-Cola accounts for 2.1% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 13th largest holding. Chemung Canal Trust Co.’s holdings in Coca-Cola were worth $10,490,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Swedbank AB acquired a new stake in shares of Coca-Cola in the 1st quarter valued at $102,604,000. Wealth Quarterback LLC raised its holdings in shares of Coca-Cola by 3.2% in the 4th quarter. Wealth Quarterback LLC now owns 17,454 shares of the company’s stock valued at $1,029,000 after purchasing an additional 537 shares in the last quarter. BDF Gestion acquired a new stake in shares of Coca-Cola in the 2nd quarter valued at $7,421,000. Duality Advisers LP raised its holdings in shares of Coca-Cola by 191.1% in the 1st quarter. Duality Advisers LP now owns 111,851 shares of the company’s stock valued at $6,843,000 after purchasing an additional 73,434 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in shares of Coca-Cola by 0.7% in the 1st quarter. TD Asset Management Inc now owns 2,935,238 shares of the company’s stock valued at $179,578,000 after purchasing an additional 20,048 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Coca-Cola Stock Performance

Shares of NYSE:KO traded down $0.49 during midday trading on Friday, hitting $70.03. The stock had a trading volume of 2,793,100 shares, compared to its average volume of 13,225,600. The company has a market capitalization of $301.69 billion, a PE ratio of 28.01, a P/E/G ratio of 3.97 and a beta of 0.60. The stock has a 50 day moving average price of $70.29 and a two-hundred day moving average price of $65.02. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39. The Coca-Cola Company has a 1 year low of $51.55 and a 1 year high of $73.53.

Coca-Cola (NYSE:KO) last issued its earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. The business had revenue of $12.40 billion for the quarter, compared to the consensus estimate of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.78 earnings per share. As a group, equities analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 2.77%. The ex-dividend date was Friday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is 77.60%.

Insider Activity at Coca-Cola

In related news, EVP Nancy Quan sold 18,482 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $68.95, for a total value of $1,274,333.90. Following the completion of the sale, the executive vice president now owns 223,330 shares in the company, valued at $15,398,603.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Coca-Cola news, EVP Nancy Quan sold 18,482 shares of Coca-Cola stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $15,398,603.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bruno Pietracci sold 38,653 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total transaction of $2,667,443.53. The disclosure for this sale can be found here. Insiders sold 376,096 shares of company stock worth $25,982,352 over the last 90 days. Company insiders own 0.97% of the company’s stock.

Wall Street Analyst Weigh In

KO has been the topic of several research analyst reports. Truist Financial lifted their price target on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Bank of America lifted their price target on shares of Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. BNP Paribas initiated coverage on shares of Coca-Cola in a research note on Monday, June 24th. They set an “outperform” rating and a $72.00 price target on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Coca-Cola from $68.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Coca-Cola currently has an average rating of “Moderate Buy” and an average target price of $71.07.

Coca-Cola 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.