Empirical Financial Services LLC d.b.a. Empirical Wealth Management Boosts Stake in The Coca-Cola Company (NYSE:KO)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of The Coca-Cola Company (NYSE:KO) by 6.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,086 shares of the company’s stock after buying an additional 2,394 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Coca-Cola were worth $2,433,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quarry LP purchased a new position in Coca-Cola during the second quarter worth about $27,000. Hara Capital LLC purchased a new position in Coca-Cola during the third quarter worth about $35,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in Coca-Cola during the third quarter worth about $36,000. Retirement Wealth Solutions LLC purchased a new position in Coca-Cola during the fourth quarter worth about $37,000. Finally, MidAtlantic Capital Management Inc. purchased a new position in Coca-Cola during the third quarter worth about $43,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Stock Performance

Shares of KO stock opened at $63.84 on Tuesday. 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 company has a market capitalization of $275.03 billion, a P/E ratio of 26.38, a PEG ratio of 3.38 and a beta of 0.61. The stock has a 50 day moving average price of $62.62 and a two-hundred day moving average price of $66.41. The Coca-Cola Company has a fifty-two week low of $57.93 and a fifty-two week high of $73.53.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on KO. Barclays cut their price objective on Coca-Cola from $73.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Piper Sandler decreased their price target on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $68.00 to $70.00 in a report on Thursday, December 12th. Truist Financial increased their target price on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley lowered their price target on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Coca-Cola has an average rating of “Moderate Buy” and an average target price of $72.07.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the completion of the transaction, the chief executive officer now owns 342,546 shares in the company, valued at $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.97% of the stock is owned by corporate insiders.

About Coca-Cola

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.