Commonwealth Equity Services LLC Cuts Stock Position in The Coca-Cola Company (NYSE:KO)

Commonwealth Equity Services LLC trimmed its position in shares of The Coca-Cola Company (NYSE:KO) by 0.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,778,534 shares of the company’s stock after selling 16,899 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Coca-Cola were worth $113,204,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Patrick M Sweeney & Associates Inc. purchased a new stake in Coca-Cola during the fourth quarter valued at approximately $410,000. Beacon Pointe Advisors LLC lifted its holdings in shares of Coca-Cola by 24.7% during the 4th quarter. Beacon Pointe Advisors LLC now owns 450,523 shares of the company’s stock valued at $26,549,000 after purchasing an additional 89,139 shares during the last quarter. Smart Money Group LLC boosted its position in shares of Coca-Cola by 21.6% in the 4th quarter. Smart Money Group LLC now owns 4,932 shares of the company’s stock worth $291,000 after purchasing an additional 877 shares in the last quarter. Peddock Capital Advisors LLC grew its stake in Coca-Cola by 1.4% during the 4th quarter. Peddock Capital Advisors LLC now owns 31,837 shares of the company’s stock worth $1,876,000 after buying an additional 443 shares during the last quarter. Finally, Focus Financial Network Inc. ADV acquired a new position in Coca-Cola during the 4th quarter valued at about $3,255,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the sale, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the sale, the executive vice president now owns 223,330 shares in the company, valued at $15,968,095. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James Quincey sold 42,397 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $70.02, for a total transaction of $2,968,637.94. Following the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at approximately $30,987,070.92. The disclosure for this sale can be found here. Insiders have sold 1,074,910 shares of company stock worth $585,972,318 in the last ninety days. Company insiders own 0.97% of the company’s stock.

Coca-Cola Stock Performance

NYSE KO opened at $72.47 on Friday. The firm has a market capitalization of $312.34 billion, a P/E ratio of 28.99, a PEG ratio of 4.05 and a beta of 0.59. The stock has a 50-day simple moving average of $66.66 and a two-hundred day simple moving average of $63.13. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08. The Coca-Cola Company has a fifty-two week low of $51.55 and a fifty-two week high of $72.57.

Coca-Cola (NYSE:KO) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The company had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. During the same period last year, the business earned $0.78 earnings per share. Coca-Cola’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Friday, September 13th. Coca-Cola’s payout ratio is currently 77.60%.

Analyst Ratings Changes

Several equities research analysts have weighed in on KO shares. Truist Financial raised their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. lifted their target price on shares of Coca-Cola from $68.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Wells Fargo & Company boosted their target price on shares of Coca-Cola from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, Bank of America boosted their price objective on shares of Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Coca-Cola has a consensus rating of “Moderate Buy” and a consensus target price of $70.73.

Coca-Cola Company 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.