The Coca-Cola Company (NYSE:KO) is Synovus Financial Corp's 2nd Largest Position

Synovus Financial Corp cut its stake in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 12.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,323,537 shares of the company's stock after selling 1,155,105 shares during the quarter. Coca-Cola makes up approximately 6.9% of Synovus Financial Corp's holdings, making the stock its 2nd biggest position. Synovus Financial Corp owned about 0.19% of Coca-Cola worth $598,130,000 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. Apella Capital LLC lifted its holdings in shares of Coca-Cola by 1.4% in the 3rd quarter. Apella Capital LLC now owns 10,533 shares of the company's stock worth $748,000 after purchasing an additional 146 shares during the last quarter. Investment Advisory Group LLC lifted its stake in Coca-Cola by 4.5% in the third quarter. Investment Advisory Group LLC now owns 3,378 shares of the company's stock valued at $243,000 after buying an additional 146 shares during the last quarter. Elwood & Goetz Wealth Advisory Group LLC boosted its holdings in shares of Coca-Cola by 2.2% during the second quarter. Elwood & Goetz Wealth Advisory Group LLC now owns 6,871 shares of the company's stock valued at $437,000 after acquiring an additional 149 shares during the period. CCG Wealth Management LLC grew its position in shares of Coca-Cola by 4.3% during the third quarter. CCG Wealth Management LLC now owns 3,614 shares of the company's stock worth $260,000 after acquiring an additional 149 shares during the last quarter. Finally, Investment Partners Asset Management Inc. increased its holdings in shares of Coca-Cola by 2.2% in the 3rd quarter. Investment Partners Asset Management Inc. now owns 6,956 shares of the company's stock worth $500,000 after acquiring an additional 150 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Trading Down 0.8 %

Shares of NYSE:KO traded down $0.49 during midday trading on Friday, reaching $63.35. The company had a trading volume of 8,438,931 shares, compared to its average volume of 13,826,132. The company has a fifty day simple moving average of $65.55 and a two-hundred day simple moving average of $66.57. The firm has a market cap of $272.90 billion, a price-to-earnings ratio of 26.25, a price-to-earnings-growth ratio of 3.81 and a beta of 0.61. The Coca-Cola Company has a 1-year low of $57.47 and a 1-year high of $73.53. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06.

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

Coca-Cola Dividend Announcement

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

Insider Activity

In related news, CEO James Quincey sold 100,000 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the transaction, the chief executive officer now directly owns 342,546 shares of the company's stock, valued at approximately $21,933,220.38. The trade was a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.97% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on KO shares. Deutsche Bank Aktiengesellschaft raised Coca-Cola from a "hold" rating to a "buy" rating and lifted their price target for the company from $68.00 to $70.00 in a report on Thursday. Truist Financial boosted their price target on Coca-Cola from $70.00 to $80.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Hsbc Global Res raised Coca-Cola to a "strong-buy" rating in a report on Friday, September 27th. Barclays reduced their price objective on shares of Coca-Cola from $74.00 to $73.00 and set an "overweight" rating for the company in a report on Friday, October 25th. Finally, Morgan Stanley lowered their target price on shares of Coca-Cola from $78.00 to $76.00 and set an "overweight" rating on the stock in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Coca-Cola currently has an average rating of "Moderate Buy" and an average target price of $72.50.

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.