Connable Office Inc. Cuts Stock Position in The Coca-Cola Company (NYSE:KO)

Connable Office Inc. lessened its stake in The Coca-Cola Company (NYSE:KO) by 1.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,865 shares of the company’s stock after selling 569 shares during the period. Connable Office Inc.’s holdings in Coca-Cola were worth $2,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Coca-Cola by 13.7% during the third quarter. FMR LLC now owns 92,961,376 shares of the company’s stock worth $6,680,205,000 after acquiring an additional 11,206,995 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Coca-Cola by 14.5% during the third quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company’s stock worth $2,271,885,000 after acquiring an additional 4,013,996 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Coca-Cola during the third quarter worth about $269,382,000. Geode Capital Management LLC grew its stake in shares of Coca-Cola by 3.3% during the third quarter. Geode Capital Management LLC now owns 92,957,028 shares of the company’s stock worth $6,664,005,000 after acquiring an additional 2,966,964 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Coca-Cola by 39.7% during the third quarter. Fisher Asset Management LLC now owns 6,765,669 shares of the company’s stock worth $486,181,000 after purchasing an additional 1,921,241 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Coca-Cola Trading Up 0.5 %

Shares of KO stock opened at $71.20 on Friday. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84. The Coca-Cola Company has a 1-year low of $57.93 and a 1-year high of $73.53. The company has a market cap of $306.22 billion, a price-to-earnings ratio of 28.82, a PEG ratio of 3.79 and a beta of 0.61. The stock has a 50 day simple moving average of $64.53 and a 200-day simple moving average of $66.53.

Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Tuesday, February 11th. The company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.51 by $0.04. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. On average, equities research analysts expect that The Coca-Cola Company will post 2.96 EPS for the current fiscal year.

Coca-Cola Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.87%. This is a boost from Coca-Cola’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Friday, March 14th. Coca-Cola’s payout ratio is presently 82.59%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Barclays lifted their target price on Coca-Cola from $66.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft raised Coca-Cola from a “hold” rating to a “buy” rating and boosted their price target for the company from $68.00 to $70.00 in a report on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $69.00 price target on shares of Coca-Cola in a report on Thursday, February 6th. Piper Sandler boosted their price target on Coca-Cola from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Finally, Evercore ISI boosted their price target on Coca-Cola from $72.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.24.

Insider Buying and Selling

In other Coca-Cola news, insider Nikolaos Koumettis sold 54,708 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $70.96, for a total value of $3,882,079.68. Following the completion of the sale, the insider now directly owns 246,909 shares in the company, valued at $17,520,662.64. This represents a 18.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruno Pietracci sold 19,058 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $70.56, for a total value of $1,344,732.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 232,646 shares of company stock worth $16,515,469. 0.97% of the stock is owned by corporate insiders.

Coca-Cola Company 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.