PNC Financial Services Group Inc. Sells 12,601 Shares of The Coca-Cola Company (NYSE:KO)

PNC Financial Services Group Inc. lowered its position in The Coca-Cola Company (NYSE:KO - Free Report) by 0.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,097,513 shares of the company's stock after selling 12,601 shares during the period. PNC Financial Services Group Inc. owned 0.14% of Coca-Cola worth $438,167,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its holdings in Coca-Cola by 21.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company's stock valued at $3,016,023,000 after purchasing an additional 8,733,326 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Coca-Cola in the 3rd quarter worth $269,382,000. Manning & Napier Advisors LLC acquired a new position in Coca-Cola during the 2nd quarter worth $188,448,000. Pathway Financial Advisers LLC boosted its holdings in Coca-Cola by 7,006.8% during the third quarter. Pathway Financial Advisers LLC now owns 2,478,487 shares of the company's stock valued at $178,104,000 after acquiring an additional 2,443,612 shares during the period. Finally, Raymond James & Associates grew its position in shares of Coca-Cola by 42.6% in the second quarter. Raymond James & Associates now owns 6,245,331 shares of the company's stock valued at $397,515,000 after purchasing an additional 1,866,348 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Coca-Cola

In other news, CEO James Quincey sold 102,533 shares of the business's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the completion of the sale, the chief executive officer now owns 442,546 shares in the company, valued at $30,987,070.92. The trade was a 18.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Nancy Quan sold 18,484 shares of the firm's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $15,968,095. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 303,748 shares of company stock worth $20,677,431. 0.97% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on KO shares. Barclays decreased their target price on Coca-Cola from $74.00 to $73.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. Hsbc Global Res raised shares of Coca-Cola to a "strong-buy" rating in a research report on Friday, September 27th. 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 report on Wednesday, October 16th. TD Cowen boosted their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a "hold" rating in a report on Thursday, July 25th. Finally, Cfra reiterated a "hold" rating on shares of Coca-Cola in a research note on Thursday, September 5th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $72.36.

Coca-Cola Price Performance

Shares of KO traded up $0.72 during trading hours on Tuesday, hitting $62.58. The stock had a trading volume of 16,247,853 shares, compared to its average volume of 13,388,878. The stock has a market capitalization of $269.58 billion, a price-to-earnings ratio of 25.62, a P/E/G ratio of 3.75 and a beta of 0.61. The Coca-Cola Company has a 52 week low of $56.96 and a 52 week high of $73.53. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The company's fifty day moving average is $68.43 and its two-hundred day moving average is $66.54.

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

Coca-Cola Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola's dividend payout ratio is currently 80.17%.

Coca-Cola 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.