M&T Bank Corp Lowers Position in The Coca-Cola Company (NYSE:KO)


M&T Bank Corp Lowers Position in The Coca-Cola Company (NYSE:KO)

M&T Bank Corp trimmed its holdings in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 10.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,663,352 shares of the company's stock after selling 192,527 shares during the quarter. M&T Bank Corp's holdings in Coca-Cola were worth $119,528,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. FMR LLC increased its position in shares of Coca-Cola by 13.7% in the third quarter. FMR LLC now owns 92,961,376 shares of the company's stock worth $6,680,205,000 after purchasing an additional 11,206,995 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Coca-Cola by 3.3% in the 3rd quarter. Geode Capital Management LLC now owns 92,957,028 shares of the company's stock worth $6,664,005,000 after buying an additional 2,966,964 shares during the last quarter. Legal & General Group Plc raised its position in shares of Coca-Cola by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 38,701,876 shares of the company's stock valued at $2,463,373,000 after buying an additional 1,084,475 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Coca-Cola by 14.5% during the 3rd quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company's stock worth $2,271,885,000 after acquiring an additional 4,013,996 shares during the last quarter. Finally, Truist Financial Corp lifted its holdings in shares of Coca-Cola by 1.1% during the 2nd quarter. Truist Financial Corp now owns 16,362,598 shares of the company's stock worth $1,041,479,000 after acquiring an additional 177,241 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Several equities analysts have recently commented on KO shares. Deutsche Bank Aktiengesellschaft upgraded Coca-Cola from a "hold" rating to a "buy" rating and increased their price objective for the company from $68.00 to $70.00 in a research report on Thursday, December 12th. Cfra reissued a "hold" rating on shares of Coca-Cola in a research note on Thursday, September 5th. Truist Financial upped their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. Barclays decreased their target price on shares of Coca-Cola from $74.00 to $73.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. Finally, Wells Fargo & Company cut their price target on shares of Coca-Cola from $78.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, December 2nd. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.50.

Get Our Latest Report on KO

KO opened at $62.55 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53. The Coca-Cola Company has a 52 week low of $57.47 and a 52 week high of $73.53. The stock has a market cap of $269.45 billion, a PE ratio of 25.85, a PEG ratio of 3.81 and a beta of 0.61. The business has a 50 day moving average of $64.76 and a 200-day moving average of $66.60.

Coca-Cola (NYSE:KO - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03. The business had revenue of $11.85 billion during 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%. The company's revenue for the quarter was down .8% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 earnings per share. Equities research analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend was Friday, November 29th. Coca-Cola's dividend payout ratio (DPR) is presently 80.17%.

In other news, CEO James Quincey sold 100,000 shares of the firm's stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 342,546 shares in the company, valued at $21,933,220.38. This trade represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.97% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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