Pinnacle Financial Partners Inc Acquires 1,229 Shares of The Coca-Cola Company (NYSE:KO)

Pinnacle Financial Partners Inc raised its position in The Coca-Cola Company (NYSE:KO) by 0.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 269,438 shares of the company’s stock after buying an additional 1,229 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Coca-Cola were worth $19,362,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Coca-Cola by 21.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock valued at $3,016,023,000 after purchasing an additional 8,733,326 shares in the last quarter. Legal & General Group Plc increased its position in shares of Coca-Cola by 2.9% during the second quarter. Legal & General Group Plc now owns 38,701,876 shares of the company’s stock valued at $2,463,373,000 after acquiring an additional 1,084,475 shares during the last quarter. Truist Financial Corp increased its holdings in Coca-Cola by 1.1% during the second quarter. Truist Financial Corp now owns 16,362,598 shares of the company’s stock worth $1,041,479,000 after buying an additional 177,241 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Coca-Cola by 1.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,793,323 shares of the company’s stock worth $847,468,000 after purchasing an additional 222,028 shares during the period. Finally, Canada Pension Plan Investment Board lifted its position in shares of Coca-Cola by 15.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 10,433,875 shares of the company’s stock valued at $638,344,000 after buying an additional 1,417,930 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Coca-Cola Stock Performance

Coca-Cola stock opened at $63.21 on Wednesday. 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 twelve month low of $56.60 and a twelve month high of $73.53. The company’s 50-day moving average price is $69.18 and its 200-day moving average price is $66.53. The company has a market cap of $272.30 billion, a PE ratio of 26.12, a price-to-earnings-growth ratio of 3.85 and a beta of 0.61.

Coca-Cola (NYSE:KO) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.03. The firm had revenue of $11.85 billion during 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%. The business’s revenue was down .8% on a year-over-year basis. During the same quarter last year, the business earned $0.74 EPS. On average, equities research analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s payout ratio is 80.17%.

Insider Buying and Selling

In other Coca-Cola news, EVP Nancy Quan sold 18,484 shares of Coca-Cola 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 approximately $15,968,095. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO James Quincey sold 102,533 shares of Coca-Cola stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the transaction, the chief executive officer now owns 442,546 shares in the company, valued at $30,987,070.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 303,748 shares of company stock worth $20,677,431 in the last three months. 0.97% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Barclays cut their price target on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, October 25th. StockNews.com cut shares of Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Deutsche Bank Aktiengesellschaft raised their price target on Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. 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. Finally, Truist Financial increased their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Coca-Cola currently has an average rating of “Moderate Buy” and a consensus price target of $71.80.

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.