M&T Bank Corp Sells 38,737 Shares of CocaCola Company (The) $KO

M&T Bank Corp lowered its position in shares of CocaCola Company (The) (NYSE:KO) by 2.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,318,677 shares of the company’s stock after selling 38,737 shares during the period. M&T Bank Corp’s holdings in CocaCola were worth $93,297,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of CocaCola during the 2nd quarter valued at $3,846,270,000. Nuveen LLC bought a new stake in CocaCola during the first quarter valued at about $1,508,657,000. Wellington Management Group LLP lifted its position in shares of CocaCola by 52.7% in the first quarter. Wellington Management Group LLP now owns 47,447,430 shares of the company’s stock valued at $3,398,185,000 after acquiring an additional 16,383,870 shares in the last quarter. Boston Partners bought a new position in shares of CocaCola in the first quarter worth about $642,183,000. Finally, Vanguard Group Inc. grew its position in shares of CocaCola by 1.7% during the second quarter. Vanguard Group Inc. now owns 367,441,971 shares of the company’s stock worth $25,996,519,000 after purchasing an additional 6,241,163 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at CocaCola

In related news, EVP Manuel Arroyo sold 139,689 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $70.80, for a total transaction of $9,889,981.20. Following the sale, the executive vice president owned 58,067 shares in the company, valued at approximately $4,111,143.60. This represents a 70.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Nancy Quan sold 31,625 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $71.17, for a total value of $2,250,751.25. Following the completion of the sale, the executive vice president owned 223,330 shares of the company’s stock, valued at approximately $15,894,396.10. This represents a 12.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 225,252 shares of company stock valued at $15,953,007. Corporate insiders own 0.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on KO. Piper Sandler boosted their price target on CocaCola from $80.00 to $81.00 and gave the stock an “overweight” rating in a report on Wednesday, October 22nd. Evercore ISI reissued an “outperform” rating on shares of CocaCola in a report on Tuesday, October 21st. TD Cowen raised their target price on shares of CocaCola from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Cowen reiterated a “buy” rating on shares of CocaCola in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of CocaCola in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the company. Based on data from MarketBeat.com, CocaCola presently has an average rating of “Buy” and a consensus target price of $78.43.

CocaCola Price Performance

CocaCola stock opened at $71.96 on Tuesday. CocaCola Company has a 52-week low of $60.62 and a 52-week high of $74.38. The company has a quick ratio of 1.00, a current ratio of 1.21 and a debt-to-equity ratio of 1.30. The firm’s fifty day moving average is $69.15 and its 200 day moving average is $69.56. The company has a market cap of $309.56 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 3.57 and a beta of 0.43.

CocaCola (NYSE:KO) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.55 EPS for the quarter. The business had revenue of $11.40 billion during the quarter. CocaCola had a net margin of 27.34% and a return on equity of 43.62%. Sell-side analysts forecast that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, December 1st. CocaCola’s payout ratio is presently 67.55%.

About CocaCola

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.