The Coca-Cola Company (NYSE:KO) Shares Sold by Valley Wealth Managers Inc.

15 Nov 2024, 17:28 by Michael Walen · The Markets Daily

Valley Wealth Managers Inc. cut its stake in The Coca-Cola Company (NYSE:KO – Free Report) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 61,997 shares of the company’s stock after selling 1,307 shares during the period. Valley Wealth Managers Inc.’s holdings in Coca-Cola were worth $4,455,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Empirical Finance LLC increased its stake in shares of Coca-Cola by 2.2% in the third quarter. Empirical Finance LLC now owns 134,507 shares of the company’s stock worth $9,666,000 after buying an additional 2,933 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its holdings in shares of Coca-Cola by 104.9% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock valued at $8,351,000 after acquiring an additional 59,503 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Coca-Cola by 5.8% during the third quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock valued at $61,122,000 after acquiring an additional 46,541 shares during the period. Oak Harbor Wealth Partners LLC lifted its holdings in Coca-Cola by 1.3% in the third quarter. Oak Harbor Wealth Partners LLC now owns 51,521 shares of the company’s stock worth $3,702,000 after purchasing an additional 652 shares during the period. Finally, Omnia Family Wealth LLC acquired a new stake in Coca-Cola in the third quarter worth about $223,000. 70.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on KO shares. Morgan Stanley dropped their price target on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. StockNews.com lowered shares of Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Cfra reissued a “hold” rating on shares of Coca-Cola in a research report on Thursday, September 5th. Wells Fargo & Company increased their price objective on Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Citigroup increased their price target on Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $72.36.

Read Our Latest Report on KO

Coca-Cola Price Performance

Shares of KO stock traded down $0.40 on Friday, hitting $62.15. 1,709,326 shares of the company’s stock were exchanged, compared to its average volume of 13,254,244. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The Coca-Cola Company has a 12 month low of $56.70 and a 12 month high of $73.53. The stock has a market cap of $267.73 billion, a P/E ratio of 25.69, a price-to-earnings-growth ratio of 3.83 and a beta of 0.61. The company has a 50 day moving average of $68.82 and a 200 day moving average of $66.48.

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

Coca-Cola Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.485 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.12%. Coca-Cola’s dividend payout ratio is presently 80.17%.

Insider Activity

In other news, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction 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 transaction, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $15,968,095. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Quincey sold 102,533 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total value of $7,179,360.66. 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 trade was a 18.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 303,748 shares of company stock worth $20,677,431 over the last 90 days. 0.97% of the stock is currently owned by corporate insiders.

Coca-Cola Profile

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