Park National Corp OH Acquires 67,604 Shares of The Coca-Cola Company (NYSE:KO)

Park National Corp OH grew its stake in shares of The Coca-Cola Company (NYSE:KO) by 17.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 465,638 shares of the company’s stock after buying an additional 67,604 shares during the period. Park National Corp OH’s holdings in Coca-Cola were worth $28,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of KO. Harvest Portfolios Group Inc. bought a new stake in Coca-Cola in the 3rd quarter worth approximately $18,383,000. Balentine LLC grew its holdings in shares of Coca-Cola by 92.4% in the third quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after purchasing an additional 13,685 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its position in Coca-Cola by 104.9% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock worth $8,351,000 after purchasing an additional 59,503 shares during the last quarter. CIBC Asset Management Inc raised its stake in Coca-Cola by 5.8% during the third quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock valued at $61,122,000 after purchasing an additional 46,541 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Coca-Cola by 4.8% during the third quarter. State of Alaska Department of Revenue now owns 457,782 shares of the company’s stock valued at $32,895,000 after purchasing an additional 21,005 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Coca-Cola Stock Performance

Shares of NYSE:KO opened at $60.70 on Wednesday. The firm’s 50 day simple moving average is $63.15 and its 200-day simple moving average is $66.55. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The firm has a market cap of $261.48 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 3.83 and a beta of 0.61.

Coca-Cola (NYSE:KO) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. During the same period last year, the business posted $0.74 EPS. Coca-Cola’s quarterly revenue was down .8% on a year-over-year basis. As a group, equities analysts predict that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend was Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is presently 80.17%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on KO. Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and upped their target price for the company from $68.00 to $70.00 in a research report on Thursday, December 12th. Barclays decreased their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Piper Sandler assumed coverage on Coca-Cola in a report on Tuesday. They issued an “overweight” rating and a $74.00 target price for the company. TD Cowen upgraded 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. Finally, Morgan Stanley reduced their target price on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.60.

Insiders Place Their Bets

In other news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.97% of the stock is 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.