Hemenway Trust Co LLC Cuts Holdings in The Coca-Cola Company (NYSE:KO)

Hemenway Trust Co LLC reduced its position in The Coca-Cola Company (NYSE:KO) by 8.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 8,394 shares of the company’s stock after selling 751 shares during the period. Hemenway Trust Co LLC’s holdings in Coca-Cola were worth $603,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harvest Portfolios Group Inc. bought a new position in shares of Coca-Cola during the 3rd quarter valued at approximately $18,383,000. Balentine LLC lifted its position in Coca-Cola by 92.4% during the third quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after purchasing an additional 13,685 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Coca-Cola by 4.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 457,782 shares of the company’s stock worth $32,895,000 after buying an additional 21,005 shares in the last quarter. Advisor Resource Council bought a new stake in shares of Coca-Cola in the 3rd quarter worth about $769,000. Finally, Swedbank AB purchased a new stake in shares of Coca-Cola during the 1st quarter valued at about $102,604,000. 70.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Coca-Cola news, EVP Lisa Chang sold 40,334 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $69.54, for a total value of $2,804,826.36. Following the completion of the sale, the executive vice president now directly owns 74,067 shares in the company, valued at $5,150,619.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coca-Cola news, EVP Lisa Chang sold 40,334 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $69.54, for a total value of $2,804,826.36. Following the completion of the sale, the executive vice president now owns 74,067 shares of the company’s stock, valued at approximately $5,150,619.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total value of $1,321,606.00. Following the sale, the executive vice president now owns 223,330 shares in the company, valued at $15,968,095. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 203,748 shares of company stock worth $14,274,431. 0.97% of the stock is owned by corporate insiders.

Coca-Cola Stock Up 0.2 %

NYSE KO traded up $0.12 during trading on Tuesday, reaching $63.48. 1,573,135 shares of the company’s stock traded hands, compared to its average volume of 13,233,775. The company’s 50 day simple moving average is $69.37 and its two-hundred day simple moving average is $66.52. The Coca-Cola Company has a 12-month low of $56.60 and a 12-month high of $73.53. The firm has a market cap of $273.46 billion, a price-to-earnings ratio of 26.19, a price-to-earnings-growth ratio of 3.88 and a beta of 0.61. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90.

Coca-Cola (NYSE:KO) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.61 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. Coca-Cola’s revenue was down .8% on a year-over-year basis. As a group, sell-side analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.485 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a yield of 3.06%. Coca-Cola’s dividend payout ratio is presently 80.17%.

Wall Street Analyst Weigh In

Several research analysts recently commented on KO shares. Wells Fargo & Company lifted their price target on Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft increased their price target on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Royal Bank of Canada raised their target price on shares of Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. TD Cowen upped their price target on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Finally, Morgan Stanley dropped their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.80.

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.