Chemung Canal Trust Co. Sells 38,849 Shares of The Coca-Cola Company (NYSE:KO)

Chemung Canal Trust Co. trimmed its stake in The Coca-Cola Company (NYSE:KO - Free Report) by 26.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 107,135 shares of the company's stock after selling 38,849 shares during the period. Coca-Cola comprises about 1.4% of Chemung Canal Trust Co.'s investment portfolio, making the stock its 23rd largest position. Chemung Canal Trust Co.'s holdings in Coca-Cola were worth $6,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of KO. Quarry LP acquired a new position in Coca-Cola during the 2nd quarter worth about $27,000. Hara Capital LLC acquired a new position in shares of Coca-Cola during the third quarter worth approximately $35,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Coca-Cola during the third quarter valued at approximately $36,000. Retirement Wealth Solutions LLC acquired a new stake in shares of Coca-Cola in the fourth quarter valued at approximately $37,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Coca-Cola during the third quarter worth $43,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Coca-Cola Price Performance

Shares of Coca-Cola stock traded up $0.45 on Friday, reaching $61.98. 19,239,652 shares of the stock were exchanged, compared to its average volume of 12,503,886. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The firm has a market cap of $267.01 billion, a PE ratio of 25.61, a P/E/G ratio of 3.38 and a beta of 0.61. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The firm's 50 day moving average is $62.62 and its 200-day moving average is $66.36.

Coca-Cola (NYSE:KO - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The firm had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. During the same period last year, the company earned $0.74 earnings per share. The business's quarterly revenue was down .8% on a year-over-year basis. As a group, analysts anticipate that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on KO. Piper Sandler lowered their price objective on Coca-Cola from $74.00 to $73.00 and set an "overweight" rating for the company in a research report on Thursday. Wells Fargo & Company decreased their target price on Coca-Cola from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Truist Financial increased their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the company a "buy" rating in a research report on Wednesday, October 16th. Morgan Stanley lowered their target price on shares of Coca-Cola from $78.00 to $76.00 and set an "overweight" rating for the company in a research note on Thursday, October 24th. Finally, Barclays decreased their price target on shares of Coca-Cola from $73.00 to $66.00 and set an "overweight" rating for the company in a report on Friday, January 17th. Two research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Coca-Cola currently has an average rating of "Moderate Buy" and a consensus price target of $72.07.

Insider Buying and Selling

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the completion of the sale, the chief executive officer now owns 342,546 shares in the company, valued at approximately $21,933,220.38. This trade represents a 22.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.97% of the stock is currently owned by corporate insiders.

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.