Zions Bancorporation N.A. Reduces Position in The Coca-Cola Company (NYSE:KO)

Zions Bancorporation N.A. lessened its stake in shares of The Coca-Cola Company (NYSE:KO) by 5.6% in the second quarter, HoldingsChannel.com reports. The firm owned 63,381 shares of the company’s stock after selling 3,759 shares during the quarter. Zions Bancorporation N.A.’s holdings in Coca-Cola were worth $4,034,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in KO. Meeder Advisory Services Inc. raised its holdings in shares of Coca-Cola by 27.5% during the second quarter. Meeder Advisory Services Inc. now owns 61,136 shares of the company’s stock valued at $3,891,000 after acquiring an additional 13,176 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Coca-Cola by 8.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 8,310,453 shares of the company’s stock valued at $532,558,000 after acquiring an additional 640,402 shares in the last quarter. Ullmann Wealth Partners Group LLC boosted its holdings in Coca-Cola by 6.9% in the second quarter. Ullmann Wealth Partners Group LLC now owns 7,901 shares of the company’s stock valued at $503,000 after acquiring an additional 512 shares in the last quarter. D Orazio & Associates Inc. boosted its holdings in Coca-Cola by 26.2% in the second quarter. D Orazio & Associates Inc. now owns 10,215 shares of the company’s stock valued at $650,000 after acquiring an additional 2,119 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its holdings in Coca-Cola by 6.7% in the second quarter. Main Street Financial Solutions LLC now owns 45,812 shares of the company’s stock valued at $2,916,000 after acquiring an additional 2,893 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Coca-Cola Price Performance

Shares of NYSE KO opened at $71.23 on Friday. The company has a 50 day moving average of $68.13 and a 200 day moving average of $63.83. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.39. The Coca-Cola Company has a twelve month low of $51.55 and a twelve month high of $73.53. The firm has a market cap of $306.99 billion, a P/E ratio of 28.49, a PEG ratio of 3.93 and a beta of 0.60.

Coca-Cola (NYSE:KO) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The firm had revenue of $12.40 billion for the quarter, compared to the consensus estimate of $11.78 billion. During the same period in the prior year, the company posted $0.78 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. As a group, research analysts expect that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, September 13th. Coca-Cola’s payout ratio is presently 77.60%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on KO. Argus lifted their price objective on Coca-Cola from $70.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, May 22nd. TD Cowen lifted their price target on Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Truist Financial increased their price objective on Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. raised their price objective on Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Finally, BNP Paribas began coverage on shares of Coca-Cola in a research report on Monday, June 24th. They issued an “outperform” rating and a $72.00 target price on the stock. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $70.73.

Insider Transactions at Coca-Cola

In other Coca-Cola news, insider Bruno Pietracci sold 38,653 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total transaction of $2,667,443.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the completion of the sale, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruno Pietracci sold 38,653 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $69.01, for a total transaction of $2,667,443.53. The disclosure for this sale can be found here. Insiders sold 974,715 shares of company stock worth $579,704,927 over the last three months. 0.97% of the stock is currently owned by company insiders.

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.