Synovus Financial Corp Sells 74,166 Shares of The Coca-Cola Co (KO)

Synovus Financial Corp lessened its stake in The Coca-Cola Co (NYSE:KO) by 0.8% in the third quarter, HoldingsChannel.com reports. The fund owned 8,952,953 shares of the company’s stock after selling 74,166 shares during the quarter. The Coca-Cola makes up about 6.5% of Synovus Financial Corp’s holdings, making the stock its 4th biggest holding. Synovus Financial Corp’s holdings in The Coca-Cola were worth $413,532,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Morgan Stanley raised its position in shares of The Coca-Cola by 3.6% during the 2nd quarter. Morgan Stanley now owns 38,959,393 shares of the company’s stock valued at $1,708,760,000 after acquiring an additional 1,336,852 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of The Coca-Cola by 1.9% during the 2nd quarter. Janus Henderson Group PLC now owns 15,923,120 shares of the company’s stock valued at $698,396,000 after acquiring an additional 299,933 shares in the last quarter. Swiss National Bank raised its position in shares of The Coca-Cola by 2.8% during the 2nd quarter. Swiss National Bank now owns 15,439,790 shares of the company’s stock valued at $677,189,000 after acquiring an additional 425,900 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of The Coca-Cola by 2.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 14,397,678 shares of the company’s stock valued at $631,483,000 after acquiring an additional 401,752 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of The Coca-Cola by 7.8% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,119,142 shares of the company’s stock valued at $575,406,000 after acquiring an additional 949,483 shares in the last quarter. Hedge funds and other institutional investors own 65.45% of the company’s stock.

Several brokerages have weighed in on KO. Morgan Stanley set a $50.00 target price on The Coca-Cola and gave the stock a “neutral” rating in a research report on Monday, October 15th. Macquarie set a $47.00 price target on The Coca-Cola and gave the stock a “neutral” rating in a research note on Friday, September 14th. Morningstar set a $49.00 price target on The Coca-Cola and gave the stock a “neutral” rating in a research note on Tuesday. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $50.00 price target on shares of The Coca-Cola in a research note on Thursday, July 26th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $48.00 price target on shares of The Coca-Cola in a research note on Friday, August 31st. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $51.22.

Shares of NYSE KO opened at $49.11 on Wednesday. The Coca-Cola Co has a 12 month low of $41.45 and a 12 month high of $49.13. The firm has a market cap of $204.76 billion, a PE ratio of 25.71, a P/E/G ratio of 3.14 and a beta of 0.60. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.06 and a quick ratio of 0.98.

The Coca-Cola (NYSE:KO) last announced its earnings results on Tuesday, October 30th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. The Coca-Cola had a return on equity of 43.12% and a net margin of 8.70%. The business had revenue of $8.25 billion during the quarter, compared to the consensus estimate of $8.20 billion. During the same period in the prior year, the business posted $0.50 earnings per share. The Coca-Cola’s revenue was down 9.2% compared to the same quarter last year. On average, research analysts anticipate that The Coca-Cola Co will post 2.08 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Thursday, November 29th. The Coca-Cola’s dividend payout ratio is 81.68%.

In related news, SVP James L. Dinkins sold 8,754 shares of the stock in a transaction dated Wednesday, October 24th. The stock was sold at an average price of $46.95, for a total value of $411,000.30. Following the completion of the sale, the senior vice president now directly owns 28,354 shares of the company’s stock, valued at approximately $1,331,220.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Brian John Smith sold 43,000 shares of the stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $48.00, for a total value of $2,064,000.00. Following the completion of the sale, the insider now directly owns 123,908 shares of the company’s stock, valued at $5,947,584. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,754 shares of company stock valued at $2,954,800. 1.48% of the stock is currently owned by company insiders.

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The Coca-Cola Profile

The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides water, enhanced water, and sports drinks; juices; juice, dairy, and plant–based 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.

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Institutional Ownership by Quarter for The Coca-Cola (NYSE:KO)

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