Prudent Man Advisors LLC Has $1.07 Million Stock Position in The Coca-Cola Company (NYSE:KO)

18 Nov 2024, 11:07 by Sarita Garza · The Markets Daily

Prudent Man Advisors LLC lessened its position in The Coca-Cola Company (NYSE:KO – Free Report) by 1.7% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 13,782 shares of the company’s stock after selling 240 shares during the period. Prudent Man Advisors LLC’s holdings in Coca-Cola were worth $1,071,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in Coca-Cola by 21.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock valued at $3,016,023,000 after purchasing an additional 8,733,326 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Coca-Cola in the 2nd quarter valued at about $188,448,000. Pathway Financial Advisers LLC boosted its stake in Coca-Cola by 7,006.8% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,478,487 shares of the company’s stock valued at $178,104,000 after purchasing an additional 2,443,612 shares during the last quarter. Raymond James & Associates increased its holdings in Coca-Cola by 42.6% during the 2nd quarter. Raymond James & Associates now owns 6,245,331 shares of the company’s stock worth $397,515,000 after purchasing an additional 1,866,348 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Coca-Cola by 7,792.8% in the third quarter. International Assets Investment Management LLC now owns 1,744,302 shares of the company’s stock valued at $125,346,000 after purchasing an additional 1,722,202 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on KO. Hsbc Global Res upgraded Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Morgan Stanley decreased their price objective 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. Royal Bank of Canada upped their target price on Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Truist Financial lifted their price target on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, TD Cowen raised their target price on Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Four research 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 stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.36.

Read Our Latest Stock Report on KO

Coca-Cola Stock Performance

Shares of KO stock opened at $61.74 on Monday. The firm’s 50 day moving average is $68.63 and its 200 day moving average is $66.54. The stock has a market capitalization of $265.96 billion, a P/E ratio of 25.51, a PEG ratio of 3.75 and a beta of 0.61. The Coca-Cola Company has a 12 month low of $56.70 and a 12 month high of $73.53. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53.

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

Coca-Cola Announces Dividend

The company also recently declared 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 of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a dividend yield of 3.14%. Coca-Cola’s payout ratio is currently 80.17%.

Insider Activity at Coca-Cola

In other news, EVP Lisa Chang sold 40,334 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $69.54, for a total value of $2,804,826.36. Following the transaction, the executive vice president now owns 74,067 shares of the company’s stock, valued at $5,150,619.18. This represents a 35.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO James Quincey sold 102,533 shares of Coca-Cola stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the sale, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at $30,987,070.92. This represents a 18.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 303,748 shares of company stock valued at $20,677,431. Company insiders own 0.97% of the company’s stock.

Coca-Cola Profile

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