Raymond James Trust N.A. Reduces Stock Position in The Coca-Cola Company (NYSE:KO)

Raymond James Trust N.A. decreased its position in The Coca-Cola Company (NYSE:KO) by 0.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 631,691 shares of the company’s stock after selling 1,207 shares during the quarter. Coca-Cola makes up 1.0% of Raymond James Trust N.A.’s investment portfolio, making the stock its 17th largest position. Raymond James Trust N.A.’s holdings in Coca-Cola were worth $45,393,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Apella Capital LLC increased its holdings in 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 buying an additional 146 shares during the period. Investment Advisory Group LLC increased its stake in shares of Coca-Cola by 4.5% in the third quarter. Investment Advisory Group LLC now owns 3,378 shares of the company’s stock worth $243,000 after acquiring an additional 146 shares during the period. Elwood & Goetz Wealth Advisory Group LLC increased its stake in shares of Coca-Cola by 2.2% in the second quarter. Elwood & Goetz Wealth Advisory Group LLC now owns 6,871 shares of the company’s stock worth $437,000 after acquiring an additional 149 shares during the period. CCG Wealth Management LLC raised its holdings 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 purchasing an additional 149 shares during the last quarter. Finally, Investment Partners Asset Management Inc. lifted its position in Coca-Cola by 2.2% during the third quarter. Investment Partners Asset Management Inc. now owns 6,956 shares of the company’s stock valued at $500,000 after purchasing an additional 150 shares during the period. 70.26% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the sale, the chief executive officer now owns 342,546 shares in the company, valued at approximately $21,933,220.38. The trade was a 22.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nancy Quan sold 18,484 shares of the stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $15,968,095. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,881 shares of company stock worth $10,693,244. Corporate insiders own 0.97% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a research report on Thursday, September 5th. Truist Financial upped their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. TD Cowen raised their target price on Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Wells Fargo & Company boosted their price target on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Morgan Stanley dropped their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $72.36.

Coca-Cola Price Performance

KO opened at $63.76 on Friday. The firm has a market cap of $274.67 billion, a price-to-earnings ratio of 26.35, a PEG ratio of 3.80 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The stock’s 50-day moving average price is $67.94 and its 200 day moving average price is $66.50. The Coca-Cola Company has a 12-month low of $57.47 and a 12-month high of $73.53.

Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (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 business had revenue of $11.85 billion for the quarter, compared to analysts’ expectations of $11.61 billion. During the same quarter in the prior 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, sell-side analysts expect that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s dividend payout ratio is currently 80.17%.

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.