Sandy Spring Bank Trims Stock Position in The Coca-Cola Co (NYSE:KO)
Sandy Spring Bank cut its holdings in shares of The Coca-Cola Co (NYSE:KO) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,415 shares of the company’s stock after selling 3,582 shares during the quarter. Sandy Spring Bank’s holdings in The Coca-Cola were worth $2,465,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC purchased a new position in shares of The Coca-Cola in the 1st quarter worth about $28,000. Orrstown Financial Services Inc. raised its holdings in shares of The Coca-Cola by 230.8% in the 1st quarter. Orrstown Financial Services Inc. now owns 741 shares of the company’s stock worth $35,000 after purchasing an additional 517 shares during the period. Financial Gravity Wealth Inc. purchased a new position in shares of The Coca-Cola in the 1st quarter worth about $35,000. Canton Hathaway LLC raised its holdings in shares of The Coca-Cola by 83.5% in the 2nd quarter. Canton Hathaway LLC now owns 945 shares of the company’s stock worth $48,000 after purchasing an additional 430 shares during the period. Finally, PRW Wealth Management LLC purchased a new position in shares of The Coca-Cola in the 4th quarter worth about $50,000. Hedge funds and other institutional investors own 66.69% of the company’s stock.
A number of research firms have recently issued reports on KO. Royal Bank of Canada reiterated a “buy” rating and issued a $60.00 target price on shares of The Coca-Cola in a research note on Wednesday, July 24th. JPMorgan Chase & Co. increased their target price on The Coca-Cola from $50.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. ValuEngine upgraded The Coca-Cola from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Credit Suisse Group increased their target price on The Coca-Cola from $49.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, Zacks Investment Research upgraded The Coca-Cola from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Tuesday, June 4th. Eleven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $54.10.
Shares of KO traded up $0.59 during mid-day trading on Thursday, hitting $53.58. The stock had a trading volume of 443,734 shares, compared to its average volume of 14,180,490. The stock has a market capitalization of $227.40 billion, a P/E ratio of 25.81, a PEG ratio of 3.70 and a beta of 0.48. The company’s fifty day moving average price is $52.43. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.71 and a current ratio of 0.83. The Coca-Cola Co has a fifty-two week low of $44.25 and a fifty-two week high of $54.82.
The Coca-Cola (NYSE:KO) last issued its earnings results on Tuesday, July 23rd. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.62 by $0.01. The company had revenue of $10 billion during the quarter, compared to analyst estimates of $9.86 billion. The Coca-Cola had a return on equity of 45.67% and a net margin of 21.11%. The business’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS. On average, equities analysts anticipate that The Coca-Cola Co will post 2.1 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.60 annualized dividend and a dividend yield of 2.99%. The Coca-Cola’s payout ratio is 76.92%.
About The Coca-Cola
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; water, enhanced water, and sports drinks; juice, dairy, and plantbased beverages; teas and coffees; and energy drinks. It also offers concentrates, syrups, beverage bases, source waters, and powders/minerals, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
Further Reading: The limitations of an equal weight rating
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