CocaCola Company (The) $KO Shares Sold by Steel Grove Capital Advisors LLC

Key Points

• Steel Grove Capital Advisors LLC has reduced its stake in CocaCola by 33.0%, leaving it with 50,586 shares currently valued at $3,579,000.
• Insider Nikolaos Koumettis sold 37,396 shares at an average price of $69.10, resulting in a significant decrease of 15.15% in their ownership.
• Analysts maintain a consensus rating of "Buy" for CocaCola, with a consensus price target of $77.23, and recent reports include price target adjustments from major firms like Wells Fargo and JPMorgan.

Steel Grove Capital Advisors LLC cut its stake in CocaCola Company (The) (NYSE:KO - Free Report) by 33.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 50,586 shares of the company's stock after selling 24,920 shares during the period. CocaCola makes up 0.4% of Steel Grove Capital Advisors LLC's investment portfolio, making the stock its 25th largest position. Steel Grove Capital Advisors LLC's holdings in CocaCola were worth $3,579,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Members Trust Co boosted its position in shares of CocaCola by 4.6% in the second quarter. Members Trust Co now owns 57,208 shares of the company's stock worth $4,047,000 after acquiring an additional 2,491 shares during the last quarter. Family Capital Management Inc. raised its holdings in CocaCola by 24.2% in the second quarter. Family Capital Management Inc. now owns 5,618 shares of the company's stock valued at $397,000 after buying an additional 1,095 shares during the period. Brookstone Capital Management raised its holdings in CocaCola by 11.9% in the second quarter. Brookstone Capital Management now owns 153,998 shares of the company's stock valued at $10,895,000 after buying an additional 16,390 shares during the period. Citizens & Northern Corp raised its holdings in CocaCola by 1.3% in the second quarter. Citizens & Northern Corp now owns 24,387 shares of the company's stock valued at $1,725,000 after buying an additional 306 shares during the period. Finally, Jacobsen Capital Management raised its holdings in CocaCola by 14.3% in the second quarter. Jacobsen Capital Management now owns 8,208 shares of the company's stock valued at $581,000 after buying an additional 1,024 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Nikolaos Koumettis sold 37,396 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $69.10, for a total transaction of $2,584,063.60. Following the completion of the sale, the insider directly owned 209,513 shares of the company's stock, valued at $14,477,348.30. This represents a 15.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wells Fargo & Company cut their price target on shares of CocaCola from $78.00 to $75.00 and set an "overweight" rating on the stock in a report on Thursday, September 25th. Royal Bank Of Canada set a $76.00 price objective on shares of CocaCola and gave the company an "outperform" rating in a research note on Monday, July 21st. BNP Paribas restated an "outperform" rating and issued a $83.00 price target on shares of CocaCola in a research note on Monday, July 21st. Evercore ISI restated an "outperform" rating on shares of CocaCola in a research note on Tuesday. Finally, JPMorgan Chase & Co. lifted their price target on shares of CocaCola from $77.00 to $79.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $77.23.

CocaCola Stock Performance

KO stock opened at $71.22 on Wednesday. The company has a market capitalization of $306.51 billion, a P/E ratio of 25.26, a PEG ratio of 3.57 and a beta of 0.43. The company has a 50-day simple moving average of $67.80 and a 200 day simple moving average of $69.70. CocaCola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38. The company has a quick ratio of 0.98, a current ratio of 1.21 and a debt-to-equity ratio of 1.49.

CocaCola (NYSE:KO - Get Free Report) last posted its quarterly earnings data on Thursday, March 27th. The company reported $0.55 earnings per share for the quarter. The business had revenue of $11.40 billion during the quarter. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. Sell-side analysts predict that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $2.04 annualized dividend and a yield of 2.9%. CocaCola's dividend payout ratio is currently 72.34%.

CocaCola 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.

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