OLD National Bancorp IN Has $3.26 Million Stock Holdings in The Coca-Cola Company (NYSE:KO)

OLD National Bancorp IN cut its stake in shares of The Coca-Cola Company (NYSE:KO) by 13.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,359 shares of the company’s stock after selling 8,681 shares during the period. OLD National Bancorp IN’s holdings in Coca-Cola were worth $3,262,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Morgan Stanley grew its holdings in shares of Coca-Cola by 2.5% during the third quarter. Morgan Stanley now owns 80,448,083 shares of the company’s stock valued at $4,503,484,000 after buying an additional 1,950,146 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Coca-Cola by 4.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 63,138,970 shares of the company’s stock valued at $3,501,789,000 after buying an additional 2,464,618 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Coca-Cola by 4.8% during the third quarter. Northern Trust Corp now owns 44,913,068 shares of the company’s stock valued at $2,514,234,000 after buying an additional 2,040,664 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Coca-Cola by 8.2% during the third quarter. Invesco Ltd. now owns 25,845,340 shares of the company’s stock valued at $1,446,822,000 after buying an additional 1,963,963 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Coca-Cola by 0.7% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 12,417,504 shares of the company’s stock valued at $731,764,000 after buying an additional 88,290 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Bruno Pietracci sold 18,551 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $59.41, for a total transaction of $1,102,114.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Coca-Cola news, insider Bruno Pietracci sold 18,551 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $59.41, for a total value of $1,102,114.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Beatriz R. Perez sold 52,300 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 143,383 shares of the company’s stock, valued at approximately $8,602,980. The disclosure for this sale can be found here. In the last 90 days, insiders sold 375,407 shares of company stock valued at $22,795,742. Insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on KO. Barclays boosted their target price on Coca-Cola from $66.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Citigroup boosted their target price on Coca-Cola from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Finally, JPMorgan Chase & Co. lowered their target price on Coca-Cola from $66.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.09.

Coca-Cola Stock Performance

KO opened at $60.55 on Tuesday. The company has a market cap of $261.04 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 3.44 and a beta of 0.59. The stock has a 50-day moving average of $59.95 and a 200-day moving average of $58.67. The Coca-Cola Company has a 52-week low of $51.55 and a 52-week high of $64.99. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.95 and a current ratio of 1.13.

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

Coca-Cola Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Thursday, March 14th. This is a boost from Coca-Cola’s previous quarterly dividend of $0.46. Coca-Cola’s payout ratio is currently 78.23%.

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.