Envestnet Asset Management Inc. Acquires 130,581 Shares of The Coca-Cola Company (NYSE:KO)

Envestnet Asset Management Inc. grew its stake in shares of The Coca-Cola Company (NYSE:KO) by 2.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,847,781 shares of the company’s stock after buying an additional 130,581 shares during the period. Envestnet Asset Management Inc. owned 0.11% of Coca-Cola worth $308,561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of KO. Gilbert & Cook Inc. increased its stake in Coca-Cola by 5.6% in the 4th quarter. Gilbert & Cook Inc. now owns 15,971 shares of the company’s stock worth $941,000 after acquiring an additional 841 shares during the last quarter. Accretive Wealth Partners LLC grew its holdings in shares of Coca-Cola by 1.4% in the fourth quarter. Accretive Wealth Partners LLC now owns 25,843 shares of the company’s stock valued at $1,523,000 after purchasing an additional 351 shares in the last quarter. Aveo Capital Partners LLC increased its position in Coca-Cola by 13.9% in the fourth quarter. Aveo Capital Partners LLC now owns 9,709 shares of the company’s stock worth $572,000 after purchasing an additional 1,182 shares during the last quarter. Gryphon Financial Partners LLC raised its stake in Coca-Cola by 72.0% during the fourth quarter. Gryphon Financial Partners LLC now owns 17,973 shares of the company’s stock valued at $1,034,000 after purchasing an additional 7,521 shares in the last quarter. Finally, Private Wealth Management Group LLC bought a new position in Coca-Cola during the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KO. Truist Financial upped their target price on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. raised their price objective on Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Bank of America boosted their target price on Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. TD Cowen raised their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Finally, Morgan Stanley boosted their price objective on shares of Coca-Cola from $70.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.73.

Insider Activity

In other news, EVP Nancy Quan sold 19,304 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $14,507,516.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Coca-Cola news, major shareholder Cola Co Coca sold 598,619 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the completion of the sale, the insider now directly owns 1,883,546 shares of the company’s stock, valued at $1,742,280,050. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nancy Quan sold 19,304 shares of Coca-Cola stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $14,507,516.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 974,715 shares of company stock worth $579,704,927. 0.97% of the stock is currently owned by corporate insiders.

Coca-Cola Stock Performance

Coca-Cola stock opened at $71.41 on Friday. 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 company has a market capitalization of $307.77 billion, a PE ratio of 28.56, a P/E/G ratio of 3.93 and a beta of 0.60. The company has a 50 day moving average price of $68.28 and a 200-day moving average price of $63.93. The Coca-Cola Company has a fifty-two week low of $51.55 and a fifty-two week high of $73.53.

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

Coca-Cola Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Friday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is 77.60%.

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.