Chemung Canal Trust Co. Boosts Holdings in CocaCola Company (The) $KO

Chemung Canal Trust Co. boosted its position in CocaCola Company (The) (NYSE:KO) by 12.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 119,023 shares of the company’s stock after buying an additional 12,719 shares during the period. CocaCola makes up approximately 1.8% of Chemung Canal Trust Co.’s portfolio, making the stock its 17th largest holding. Chemung Canal Trust Co.’s holdings in CocaCola were worth $8,421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. OLD National Bancorp IN grew its position in CocaCola by 3.9% in the 2nd quarter. OLD National Bancorp IN now owns 76,437 shares of the company’s stock valued at $5,408,000 after buying an additional 2,874 shares during the last quarter. Highland Capital Management LLC grew its position in CocaCola by 2.5% in the 2nd quarter. Highland Capital Management LLC now owns 84,866 shares of the company’s stock valued at $6,004,000 after buying an additional 2,048 shares during the last quarter. Carolina Wealth Advisors LLC grew its position in CocaCola by 267.8% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 1,659 shares of the company’s stock valued at $117,000 after buying an additional 1,208 shares during the last quarter. MBL Wealth LLC grew its position in CocaCola by 75.0% in the 2nd quarter. MBL Wealth LLC now owns 8,968 shares of the company’s stock valued at $634,000 after buying an additional 3,842 shares during the last quarter. Finally, Sutton Place Investors LLC purchased a new position in CocaCola in the 2nd quarter valued at $207,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on KO. Weiss Ratings reissued a “buy (b-)” rating on shares of CocaCola in a report on Saturday, September 27th. UBS Group reduced their target price on CocaCola from $84.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, September 11th. BNP Paribas reissued an “outperform” rating and issued a $83.00 target price on shares of CocaCola in a report on Monday, July 21st. Wells Fargo & Company reduced their target price on CocaCola from $78.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday, September 25th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $81.00 target price on shares of CocaCola in a report on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company’s stock. According to MarketBeat, CocaCola presently has an average rating of “Buy” and a consensus target price of $76.93.

CocaCola Trading Up 0.8%

NYSE:KO opened at $66.65 on Friday. The company has a market capitalization of $286.86 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 3.47 and a beta of 0.43. The company has a quick ratio of 0.98, a current ratio of 1.21 and a debt-to-equity ratio of 1.49. CocaCola 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 $68.27 and a 200-day simple moving average of $69.94.

CocaCola (NYSE:KO) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.04. The business had revenue of $12.50 billion during the quarter, compared to the consensus estimate of $12.55 billion. CocaCola had a return on equity of 44.91% and a net margin of 25.89%.The business’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.84 EPS. CocaCola has set its FY 2025 guidance at 2.970-2.970 EPS. On average, equities research analysts expect that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, September 15th. CocaCola’s dividend payout ratio is 72.34%.

Insider Transactions at CocaCola

In other CocaCola news, insider Nikolaos Koumettis sold 37,396 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $69.10, for a total value of $2,584,063.60. Following the transaction, the insider directly owned 209,513 shares in the company, valued at approximately $14,477,348.30. This represents a 15.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.97% of the company’s stock.

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.