Penobscot Investment Management Company Inc. Sells 489 Shares of CocaCola Company (The) (NYSE:KO)

Penobscot Investment Management Company Inc. cut its holdings in shares of CocaCola Company (The) (NYSE:KO) by 1.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 32,103 shares of the company’s stock after selling 489 shares during the period. Penobscot Investment Management Company Inc.’s holdings in CocaCola were worth $2,299,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Crowley Wealth Management Inc. acquired a new position in shares of CocaCola during the 4th quarter worth about $27,000. Garde Capital Inc. acquired a new position in shares of CocaCola during the 1st quarter worth about $30,000. Mainstream Capital Management LLC acquired a new position in shares of CocaCola during the 4th quarter worth about $31,000. Mizuho Securities Co. Ltd. increased its stake in shares of CocaCola by 360.0% during the 1st quarter. Mizuho Securities Co. Ltd. now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 360 shares during the last quarter. Finally, REAP Financial Group LLC increased its stake in shares of CocaCola by 57.5% during the 4th quarter. REAP Financial Group LLC now owns 570 shares of the company’s stock worth $35,000 after purchasing an additional 208 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

CocaCola Stock Performance

Shares of NYSE:KO opened at $69.66 on Thursday. The company’s 50 day moving average price is $71.38 and its two-hundred day moving average price is $68.18. CocaCola Company has a 12-month low of $60.62 and a 12-month high of $74.38. The firm has a market cap of $299.84 billion, a PE ratio of 27.86, a PEG ratio of 3.68 and a beta of 0.46. The company has a quick ratio of 0.89, a current ratio of 1.10 and a debt-to-equity ratio of 1.57.

CocaCola (NYSE:KO) last announced its earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. CocaCola had a net margin of 23.00% and a return on equity of 45.49%. The firm had revenue of $11.13 billion for the quarter, compared to analyst estimates of $11.23 billion. During the same quarter in the prior year, the business posted $0.72 EPS. The business’s revenue was down .7% compared to the same quarter last year. Equities research analysts predict that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.93%. CocaCola’s payout ratio is presently 81.60%.

Insiders Place Their Bets

In other CocaCola news, EVP Beatriz R. Perez sold 60,326 shares of the company’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $71.87, for a total transaction of $4,335,629.62. Following the completion of the sale, the executive vice president now directly owns 187,716 shares in the company, valued at $13,491,148.92. This represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John Murphy sold 88,658 shares of the company’s stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $72.09, for a total value of $6,391,355.22. Following the sale, the chief financial officer now owns 205,511 shares of the company’s stock, valued at $14,815,287.99. The trade was a 30.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 415,387 shares of company stock worth $29,923,985 in the last quarter. Corporate insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

KO has been the topic of several recent analyst reports. Morgan Stanley restated an “overweight” rating and set a $81.00 price objective on shares of CocaCola in a research note on Monday, June 9th. Royal Bank Of Canada boosted their price objective on shares of CocaCola from $73.00 to $76.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 30th. Barclays restated an “overweight” rating on shares of CocaCola in a research note on Thursday, March 27th. Piper Sandler upped their price target on shares of CocaCola from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Finally, UBS Group upped their price target on shares of CocaCola from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $76.27.

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.