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

Chemung Canal Trust Co. reduced its stake in The Coca-Cola Company (NYSE:KO) by 26.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 107,135 shares of the company’s stock after selling 38,849 shares during the quarter. Coca-Cola makes up about 1.4% of Chemung Canal Trust Co.’s portfolio, making the stock its 23rd largest holding. Chemung Canal Trust Co.’s holdings in Coca-Cola were worth $6,670,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

KO has been the topic of a number of research reports. Piper Sandler reduced their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday. Morgan Stanley lowered their target price on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. TD Cowen upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Wednesday, January 8th. Wells Fargo & Company decreased their price target on shares of Coca-Cola from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Hsbc Global Res raised shares of 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 given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $72.07.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 100,000 shares of the 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 owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.97% of the stock is owned by insiders.

Coca-Cola Price Performance

NYSE:KO opened at $61.98 on Friday. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The stock has a market cap 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 stock has a 50 day moving average price of $62.61 and a 200 day moving average price of $66.37. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06.

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

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.