Chemung Canal Trust Co. Sells 38,849 Shares of The Coca-Cola Company (NYSE:KO)

Chemung Canal Trust Co. decreased its position in shares of The Coca-Cola Company (NYSE:KO) by 26.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,135 shares of the company’s stock after selling 38,849 shares during the quarter. Coca-Cola accounts for approximately 1.4% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 23rd largest position. Chemung Canal Trust Co.’s holdings in Coca-Cola were worth $6,670,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Fred Alger Management LLC grew its holdings in shares of Coca-Cola by 7.5% during the 2nd quarter. Fred Alger Management LLC now owns 102,078 shares of the company’s stock valued at $6,497,000 after purchasing an additional 7,160 shares during the last quarter. MBB Public Markets I LLC grew its stake in shares of Coca-Cola by 1,716.8% during the second quarter. MBB Public Markets I LLC now owns 290,784 shares of the company’s stock worth $18,508,000 after buying an additional 274,779 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Coca-Cola by 1.0% during the second quarter. The Manufacturers Life Insurance Company now owns 2,393,352 shares of the company’s stock worth $152,337,000 after buying an additional 22,623 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Coca-Cola by 7.6% in the 2nd quarter. Mackenzie Financial Corp now owns 3,851,055 shares of the company’s stock valued at $245,120,000 after acquiring an additional 272,896 shares during the last quarter. Finally, Lummis Asset Management LP boosted its holdings in shares of Coca-Cola by 1.1% during the 2nd quarter. Lummis Asset Management LP now owns 14,855 shares of the company’s stock valued at $946,000 after acquiring an additional 167 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

Coca-Cola Stock Performance

NYSE KO opened at $61.98 on Friday. The company’s 50 day simple moving average is $62.61 and its two-hundred day simple moving average is $66.37. The stock has a market capitalization of $267.01 billion, a PE ratio of 25.61, a P/E/G ratio of 3.38 and a beta of 0.61. 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 Coca-Cola Company has a 1 year low of $57.93 and a 1 year high of $73.53.

Coca-Cola (NYSE:KO) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $11.61 billion. During the same period in the previous year, the business posted $0.74 earnings per share. Coca-Cola’s revenue for the quarter was down .8% on a year-over-year basis. Analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Coca-Cola

In other news, CEO James Quincey sold 100,000 shares of the firm’s 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 transaction, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This trade represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.97% of the company’s stock.

Analyst Ratings Changes

KO has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft raised shares of Coca-Cola from a “hold” rating to a “buy” rating and boosted their target price for the stock from $68.00 to $70.00 in a report on Thursday, December 12th. Truist Financial increased their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Morgan Stanley lowered their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Piper Sandler reduced 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. Finally, Hsbc Global Res upgraded Coca-Cola to a “strong-buy” rating in a research report on Friday, September 27th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $72.07.

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.