King Wealth Management Group Cuts Stock Holdings in The Coca-Cola Company (NYSE:KO)

by · The Cerbat Gem

King Wealth Management Group lessened its stake in The Coca-Cola Company (NYSE:KO – Free Report) by 1.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,135 shares of the company’s stock after selling 186 shares during the quarter. King Wealth Management Group’s holdings in Coca-Cola were worth $728,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Harvest Portfolios Group Inc. acquired a new stake in shares of Coca-Cola during the third quarter valued at $18,383,000. Balentine LLC increased its stake in Coca-Cola by 92.4% during the 3rd quarter. Balentine LLC now owns 28,493 shares of the company’s stock worth $2,048,000 after buying an additional 13,685 shares during the period. State of Alaska Department of Revenue increased its holdings in Coca-Cola by 4.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 457,782 shares of the company’s stock worth $32,895,000 after purchasing an additional 21,005 shares during the last quarter. United Bank boosted its stake in Coca-Cola by 65.4% during the 3rd quarter. United Bank now owns 80,888 shares of the company’s stock valued at $5,813,000 after acquiring an additional 31,979 shares during the last quarter. Finally, Advisor Resource Council acquired a new stake in Coca-Cola during the third quarter valued at approximately $769,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insiders Place Their Bets

In related news, CEO James Quincey sold 100,000 shares of the firm’s stock in a transaction 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 directly owns 342,546 shares of the company’s stock, valued at $21,933,220.38. This trade represents a 22.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of the 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 completion of the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $15,968,095. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 303,748 shares of company stock valued at $20,677,431 in the last 90 days. Corporate insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on KO shares. Cfra reissued a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. StockNews.com downgraded Coca-Cola from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft increased their price target on Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Citigroup lifted their price objective on shares of Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Truist Financial lifted their target price on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Coca-Cola currently has a consensus rating of “Moderate Buy” and an average price target of $72.36.

Check Out Our Latest Stock Analysis on Coca-Cola

Coca-Cola Price Performance

NYSE:KO opened at $62.55 on Friday. 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 firm has a market cap of $269.43 billion, a price-to-earnings ratio of 25.85, a P/E/G ratio of 3.83 and a beta of 0.61. The Coca-Cola Company has a 52 week low of $56.70 and a 52 week high of $73.53. The firm’s 50-day simple moving average is $68.99 and its 200 day simple moving average is $66.51.

Coca-Cola (NYSE:KO – Get Free Report) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. The firm had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company’s revenue was down .8% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 EPS. As a group, sell-side analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is 80.17%.

Coca-Cola Profile

(Free Report)

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.

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