PNC Financial Services Group Inc. Has $360.58 Million Position in The Coca-Cola Company (NYSE:KO)

PNC Financial Services Group Inc. trimmed its stake in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 5.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,791,514 shares of the company's stock after selling 305,999 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.13% of Coca-Cola worth $360,580,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in KO. Mainstream Capital Management LLC bought a new position in shares of Coca-Cola in the 4th quarter worth about $31,000. Hara Capital LLC bought a new position in shares of Coca-Cola in the 3rd quarter worth about $35,000. Retirement Wealth Solutions LLC bought a new position in shares of Coca-Cola in the 4th quarter worth about $37,000. MilWealth Group LLC bought a new position in shares of Coca-Cola in the 4th quarter worth about $40,000. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Coca-Cola in the 3rd quarter worth about $43,000. 70.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

KO has been the topic of a number of recent research reports. Jefferies Financial Group upgraded shares of Coca-Cola from a "hold" rating to a "buy" rating and raised their price target for the stock from $69.00 to $75.00 in a research report on Thursday, January 30th. Piper Sandler lifted their price objective on shares of Coca-Cola from $73.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. Wells Fargo & Company lifted their price objective on shares of Coca-Cola from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. TD Cowen upgraded shares of Coca-Cola from a "hold" rating to a "buy" rating and set a $75.00 price objective on the stock in a research report on Wednesday, January 8th. Finally, DZ Bank upgraded shares of Coca-Cola from a "hold" rating to a "buy" rating and set a $75.00 price objective on the stock in a research report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Coca-Cola has a consensus rating of "Moderate Buy" and a consensus target price of $74.24.

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Coca-Cola Price Performance

Shares of KO stock traded up $1.06 during midday trading on Friday, reaching $71.52. 28,389,711 shares of the company were exchanged, compared to its average volume of 17,970,895. The company's 50 day moving average price is $65.36 and its two-hundred day moving average price is $66.58. The company has a market cap of $307.60 billion, a P/E ratio of 28.96, a PEG ratio of 3.79 and a beta of 0.57. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.84 and a current ratio of 1.03. The Coca-Cola Company has a 12 month low of $57.93 and a 12 month high of $73.53.

Coca-Cola (NYSE:KO - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. On average, sell-side analysts expect that The Coca-Cola Company will post 2.96 earnings per share for the current year.

Coca-Cola Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.51 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.85%. This is a boost from Coca-Cola's previous quarterly dividend of $0.49. Coca-Cola's payout ratio is currently 82.59%.

Insider Transactions at Coca-Cola

In other news, insider Bruno Pietracci sold 19,058 shares of Coca-Cola stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $70.56, for a total value of $1,344,732.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO James Quincey sold 145,435 shares of Coca-Cola stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $71.01, for a total transaction of $10,327,339.35. Following the completion of the transaction, the chief executive officer now directly owns 342,546 shares in the company, valued at approximately $24,324,191.46. This trade represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 232,646 shares of company stock valued at $16,515,469 in the last quarter. Insiders own 0.97% of the company's stock.

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.