PNC Financial Services Group Inc. Sells 36,879 Shares of CocaCola Company (The) $KO

PNC Financial Services Group Inc. lessened its stake in CocaCola Company (The) (NYSE:KO) by 0.6% during the second quarter, HoldingsChannel reports. The firm owned 5,830,280 shares of the company’s stock after selling 36,879 shares during the period. PNC Financial Services Group Inc.’s holdings in CocaCola were worth $412,492,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of CocaCola by 0.3% in the first quarter. Vanguard Group Inc. now owns 361,200,808 shares of the company’s stock worth $25,869,202,000 after acquiring an additional 1,114,422 shares during the period. Wellington Management Group LLP raised its position in shares of CocaCola by 52.7% during the 1st quarter. Wellington Management Group LLP now owns 47,447,430 shares of the company’s stock valued at $3,398,185,000 after buying an additional 16,383,870 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in CocaCola by 6.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 30,889,415 shares of the company’s stock valued at $2,212,300,000 after purchasing an additional 1,794,561 shares in the last quarter. Amundi boosted its holdings in shares of CocaCola by 16.0% in the 1st quarter. Amundi now owns 21,236,315 shares of the company’s stock worth $1,554,074,000 after purchasing an additional 2,922,619 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of CocaCola during the 1st quarter valued at about $1,508,657,000. Institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on KO. TD Cowen upped their price objective on shares of CocaCola from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Barclays reiterated an “overweight” rating on shares of CocaCola in a report on Thursday, October 23rd. Royal Bank Of Canada set a $76.00 price target on CocaCola and gave the stock an “outperform” rating in a research note on Monday, July 21st. Evercore ISI reissued an “outperform” rating on shares of CocaCola in a research note on Tuesday, October 21st. Finally, Wells Fargo & Company upped their price target on shares of CocaCola from $75.00 to $79.00 and gave the company an “overweight” rating in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the company. According to data from MarketBeat.com, CocaCola presently has a consensus rating of “Buy” and a consensus target price of $78.43.

Insider Buying and Selling at CocaCola

In other CocaCola news, Director Max R. Levchin purchased 7,206 shares of CocaCola stock in a transaction dated Friday, October 24th. The stock was purchased at an average price of $69.87 per share, with a total value of $503,483.22. Following the transaction, the director directly owned 14,267 shares of the company’s stock, valued at $996,835.29. This trade represents a 102.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Monica Howard Douglas sold 13,548 shares of the stock in a transaction that occurred on Friday, October 24th. The stock was sold at an average price of $69.93, for a total transaction of $947,411.64. Following the completion of the transaction, the executive vice president owned 37,725 shares in the company, valued at $2,638,109.25. The trade was a 26.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.97% of the company’s stock.

CocaCola Stock Performance

NYSE:KO opened at $71.59 on Wednesday. The firm’s fifty day simple moving average is $67.84 and its 200 day simple moving average is $69.49. CocaCola Company has a twelve month low of $60.62 and a twelve month high of $74.38. The company has a quick ratio of 1.00, a current ratio of 1.21 and a debt-to-equity ratio of 1.30. The stock has a market cap of $307.97 billion, a P/E ratio of 23.71, a price-to-earnings-growth ratio of 3.57 and a beta of 0.43.

CocaCola (NYSE:KO) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.55 EPS for the quarter. CocaCola had a net margin of 27.34% and a return on equity of 43.62%. The business had revenue of $11.40 billion during the quarter. As a group, research analysts predict that CocaCola Company will post 2.96 EPS for the current year.

CocaCola Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.51 dividend. The ex-dividend date is Monday, December 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.8%. CocaCola’s payout ratio is currently 67.55%.

CocaCola 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.