Montecito Bank & Trust Trims Holdings in The Coca-Cola Company (NYSE:KO)

Montecito Bank & Trust reduced its stake in The Coca-Cola Company (NYSE:KO) by 0.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 107,492 shares of the company’s stock after selling 432 shares during the quarter. Coca-Cola makes up approximately 1.2% of Montecito Bank & Trust’s investment portfolio, making the stock its 20th largest position. Montecito Bank & Trust’s holdings in Coca-Cola were worth $6,692,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Apella Capital LLC raised its position in Coca-Cola by 1.4% in the third quarter. Apella Capital LLC now owns 10,533 shares of the company’s stock worth $748,000 after purchasing an additional 146 shares in the last quarter. Investment Advisory Group LLC grew its stake in shares of Coca-Cola by 4.5% in the 3rd quarter. Investment Advisory Group LLC now owns 3,378 shares of the company’s stock valued at $243,000 after purchasing an additional 146 shares during the period. CCG Wealth Management LLC raised its holdings in shares of Coca-Cola by 4.3% in the 3rd quarter. CCG Wealth Management LLC now owns 3,614 shares of the company’s stock worth $260,000 after buying an additional 149 shares in the last quarter. Investment Partners Asset Management Inc. lifted its position in shares of Coca-Cola by 2.2% during the 3rd quarter. Investment Partners Asset Management Inc. now owns 6,956 shares of the company’s stock worth $500,000 after buying an additional 150 shares during the period. Finally, Chapin Davis Inc. boosted its stake in Coca-Cola by 1.0% in the 3rd quarter. Chapin Davis Inc. now owns 15,312 shares of the company’s stock valued at $1,100,000 after buying an additional 153 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on KO. Barclays cut 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. Piper Sandler decreased their price target on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research report on Thursday. UBS Group cut their price objective on Coca-Cola from $82.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Truist Financial raised their price objective 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. Finally, TD Cowen raised shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $72.07.

Insider Buying and Selling

In related news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 342,546 shares in the company, valued at approximately $21,933,220.38. The trade was a 22.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.97% of the stock is currently owned by insiders.

Coca-Cola Stock Performance

NYSE KO opened at $61.54 on Friday. 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 company has a market capitalization of $265.08 billion, a PE ratio of 25.43, a price-to-earnings-growth ratio of 3.38 and a beta of 0.61. The Coca-Cola Company has a 52-week low of $57.93 and a 52-week high of $73.53. The company has a 50-day simple moving average of $62.63 and a 200 day simple moving average of $66.40.

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

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.