Park National Corp OH Cuts Coca-Cola Stake by 15.5% in Q3

Park National Corp OH reduced its stake in The Coca-Cola Company (NYSE: KO) by 15.5% during the third quarter, selling 71,049 shares. The firm now holds 387,857 shares, worth approximately $33.39 million, making KO its 28th largest holding at 0.9% of its portfolio.

Several other institutional investors also adjusted their positions in Coca-Cola. Lantern Wealth Advisors LLC increased its holdings by 3.6%, while Gill Capital Partners LLC raised its stake by 4.1%. Atomic Invest LLC grew its position by 38.7%, and Paragon Private Wealth Management LLC increased its holdings by 1.4%. Everpar Advisors LLC boosted its stake by 0.9%. Collectively, institutional investors own 70.26% of Coca-Cola's stock.

Insider activity included significant sales. Bruno Pietracci sold 111,365 shares for $10.13 million, reducing his position by 72.92%. EVP Nancy Quan sold 50,000 shares for $4.52 million, decreasing her ownership by 18.29%. Insiders sold a total of 926,620 shares worth $83.08 million over the past 90 days, with corporate insiders owning 0.90% of the company's stock.

Coca-Cola's stock traded up $0.74 to $86.39 during mid-day trading, with a market capitalization of $371.68 billion. The company reported strong quarterly earnings, beating estimates with $0.97 EPS and $13.37 billion in revenue. Analysts have mixed views, with some upgrading price targets and others lowering them. Wells Fargo reduced its target to $90, while TD Cowen lifted its target to $100.