Miracle Mile Advisors LLC Reduces Stake in The Coca-Cola Company (NYSE:KO)

Miracle Mile Advisors LLC cut its stake in The Coca-Cola Company (NYSE:KO) by 88.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,274 shares of the company’s stock after selling 71,312 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Coca-Cola were worth $567,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of KO. ZRC Wealth Management LLC raised its stake in shares of Coca-Cola by 213.3% during the 4th quarter. ZRC Wealth Management LLC now owns 470 shares of the company’s stock worth $26,000 after buying an additional 320 shares during the period. Tidemark LLC acquired a new position in shares of Coca-Cola during the 4th quarter worth approximately $26,000. Private Wealth Management Group LLC acquired a new position in shares of Coca-Cola during the 4th quarter worth approximately $27,000. Criterion Capital Advisors LLC acquired a new position in shares of Coca-Cola during the 4th quarter worth approximately $30,000. Finally, Frazier Financial Advisors LLC acquired a new position in Coca-Cola in the 4th quarter valued at $31,000. 70.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the company. Morgan Stanley increased their price objective on Coca-Cola from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. BNP Paribas started coverage on Coca-Cola in a research note on Monday, June 24th. They issued an “outperform” rating and a $72.00 price objective for the company. StockNews.com cut Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, June 14th. JPMorgan Chase & Co. upped their target price on Coca-Cola from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Finally, Barclays upped their target price on Coca-Cola from $68.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Coca-Cola currently has an average rating of “Moderate Buy” and an average target price of $68.83.

Coca-Cola Stock Performance

NYSE KO opened at $63.28 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The stock has a market cap of $272.61 billion, a PE ratio of 25.31, a P/E/G ratio of 3.60 and a beta of 0.59. The stock has a fifty day simple moving average of $62.72 and a 200-day simple moving average of $60.78. The Coca-Cola Company has a twelve month low of $51.55 and a twelve month high of $64.36.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The company had revenue of $11.30 billion for the quarter, compared to analyst estimates of $11.01 billion. Coca-Cola had a return on equity of 42.74% and a net margin of 23.41%. Coca-Cola’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.68 EPS. Equities analysts anticipate that The Coca-Cola Company will post 2.82 earnings per share for the current year.

Coca-Cola Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Friday, June 14th. Coca-Cola’s dividend payout ratio is currently 77.60%.

Insider Buying and Selling at Coca-Cola

In other news, insider Nikolaos Koumettis sold 80,891 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $62.34, for a total transaction of $5,042,744.94. Following the sale, the insider now owns 218,880 shares of the company’s stock, valued at approximately $13,644,979.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Nikolaos Koumettis sold 80,891 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $62.34, for a total transaction of $5,042,744.94. Following the transaction, the insider now owns 218,880 shares in the company, valued at approximately $13,644,979.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nancy Quan sold 19,304 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $63.44, for a total value of $1,224,645.76. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $14,168,055.20. The disclosure for this sale can be found here. Insiders have sold 223,665 shares of company stock valued at $13,995,465 in the last quarter. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Profile

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.