First Citizens Bank & Trust Co. Purchases 54,520 Shares of CocaCola Company (The) $KO

Key Points

• First Citizens Bank & Trust Co. increased its stake in CocaCola by 28.6% during the second quarter, acquiring an additional 54,520 shares, bringing its total holdings to 245,298 shares worth about $17.36 million.
• CocaCola plans to pay a quarterly dividend of $0.51 on December 15th, with a current annualized dividend yield of 2.9%.
• Wall Street analysts are optimistic, with several raising their price targets for CocaCola shares, the consensus target now set at $78.31 and a consensus rating of Buy.

First Citizens Bank & Trust Co. boosted its position in CocaCola Company (The) (NYSE:KO - Free Report) by 28.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 245,298 shares of the company's stock after buying an additional 54,520 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in CocaCola were worth $17,355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of KO. Sage Financial Management Group Inc. bought a new position in shares of CocaCola in the first quarter worth about $216,000. Perigon Wealth Management LLC boosted its stake in CocaCola by 3.6% during the 2nd quarter. Perigon Wealth Management LLC now owns 130,164 shares of the company's stock valued at $9,209,000 after purchasing an additional 4,469 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in CocaCola by 6.2% in the 1st 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 buying an additional 1,794,561 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in CocaCola in the 2nd quarter worth approximately $22,443,000. Finally, Roundview Capital LLC lifted its holdings in shares of CocaCola by 9.1% during the second quarter. Roundview Capital LLC now owns 34,965 shares of the company's stock worth $2,474,000 after buying an additional 2,923 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

CocaCola Trading Down 0.7%

Shares of KO opened at $70.75 on Thursday. The company has a current ratio of 1.21, a quick ratio of 0.98 and a debt-to-equity ratio of 1.49. The stock has a market cap of $304.47 billion, a PE ratio of 23.43, a PEG ratio of 3.71 and a beta of 0.43. CocaCola Company has a 1 year low of $60.62 and a 1 year high of $74.38. The stock has a 50 day simple moving average of $67.81 and a 200-day simple moving average of $69.70.

CocaCola (NYSE:KO - Get Free Report) last announced its earnings results on Thursday, March 27th. The company reported $0.55 earnings per share (EPS) for the quarter. CocaCola had a net margin of 27.34% and a return on equity of 45.63%. The business had revenue of $11.40 billion during the quarter. On average, sell-side analysts predict that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Dividend Announcement

The company also recently announced 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 2.9%. CocaCola's payout ratio is 72.34%.

Insider Activity

In other news, insider Nikolaos Koumettis sold 37,396 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 of the company's stock, valued at $14,477,348.30. The trade was a 15.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of CocaCola from $75.00 to $79.00 and gave the stock an "overweight" rating in a research note on Wednesday. Evercore ISI reissued an "outperform" rating on shares of CocaCola in a report on Tuesday. Barclays boosted their price objective on shares of CocaCola from $71.00 to $77.00 and gave the stock an "overweight" rating in a report on Thursday. Cowen reiterated a "buy" rating on shares of CocaCola in a research note on Wednesday. Finally, TD Cowen lifted their target price on CocaCola from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $78.31.

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.

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