Truist Financial Corp Has $978.97 Million Stake in The Coca-Cola Company (NYSE:KO)

Truist Financial Corp trimmed its stake in shares of The Coca-Cola Company (NYSE:KO) by 9.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 16,612,373 shares of the company’s stock after selling 1,747,663 shares during the quarter. Coca-Cola accounts for approximately 1.6% of Truist Financial Corp’s portfolio, making the stock its 8th largest position. Truist Financial Corp’s holdings in Coca-Cola were worth $978,967,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. ZRC Wealth Management LLC boosted its holdings in shares of Coca-Cola by 213.3% during the fourth quarter. ZRC Wealth Management LLC now owns 470 shares of the company’s stock worth $26,000 after purchasing an additional 320 shares during the period. Criterion Capital Advisors LLC purchased a new stake in Coca-Cola in the 4th quarter worth approximately $30,000. Financial Connections Group Inc. bought a new stake in shares of Coca-Cola in the 4th quarter worth approximately $38,000. Avion Wealth grew its position in shares of Coca-Cola by 64.8% in the 4th quarter. Avion Wealth now owns 819 shares of the company’s stock worth $48,000 after buying an additional 322 shares during the last quarter. Finally, Clear Investment Research LLC increased its stake in shares of Coca-Cola by 36.1% during the third quarter. Clear Investment Research LLC now owns 928 shares of the company’s stock valued at $52,000 after buying an additional 246 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Price Performance

NYSE KO remained flat at $61.74 during trading hours on Friday. 10,993,549 shares of the company were exchanged, compared to its average volume of 13,996,342. The Coca-Cola Company has a one year low of $51.55 and a one year high of $64.69. The company has a current ratio of 1.13, a quick ratio of 0.95 and a debt-to-equity ratio of 1.29. The business’s 50-day simple moving average is $60.12 and its 200-day simple moving average is $58.82. The company has a market cap of $266.17 billion, a price-to-earnings ratio of 24.90, a PEG ratio of 3.52 and a beta of 0.59.

Coca-Cola (NYSE:KO) last released its earnings results on Tuesday, February 13th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.01. The firm had revenue of $10.80 billion during the quarter, compared to analyst estimates of $10.68 billion. Coca-Cola had a net margin of 23.42% and a return on equity of 42.50%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the business earned $0.45 earnings per share. Sell-side analysts forecast that The Coca-Cola Company will post 2.81 EPS for the current fiscal year.

Coca-Cola Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a $0.485 dividend. This is a boost from Coca-Cola’s previous quarterly dividend of $0.46. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend was Thursday, March 14th. Coca-Cola’s dividend payout ratio is currently 78.23%.

Insider Transactions at Coca-Cola

In other news, EVP Nancy Quan sold 57,368 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total value of $3,491,990.16. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at $13,594,097.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Coca-Cola news, EVP Nancy Quan sold 57,368 shares of Coca-Cola stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $60.87, for a total value of $3,491,990.16. Following the completion of the sale, the executive vice president now owns 223,330 shares of the company’s stock, valued at approximately $13,594,097.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Beatriz R. Perez sold 52,300 shares of the company’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $60.00, for a total value of $3,138,000.00. Following the transaction, the executive vice president now directly owns 143,383 shares in the company, valued at $8,602,980. The disclosure for this sale can be found here. Insiders sold a total of 375,407 shares of company stock valued at $22,795,742 in the last quarter. 0.97% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on KO shares. Barclays lifted their price target on shares of Coca-Cola from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Citigroup boosted their price target on shares of Coca-Cola from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, January 17th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Coca-Cola from $66.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Coca-Cola has a consensus rating of “Moderate Buy” and a consensus target price of $67.22.

About Coca-Cola

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.