Corundum Group Inc. Sells 8,089 Shares of CocaCola Company (The) (NYSE:KO)

Corundum Group Inc. reduced its stake in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 44.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,009 shares of the company's stock after selling 8,089 shares during the quarter. Corundum Group Inc.'s holdings in CocaCola were worth $717,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Aurora Private Wealth Inc. boosted its position in shares of CocaCola by 3,979.5% during the 1st quarter. Aurora Private Wealth Inc. now owns 220,089 shares of the company's stock valued at $15,763,000 after purchasing an additional 214,694 shares in the last quarter. Independent Solutions Wealth Management LLC grew its holdings in shares of CocaCola by 2.8% in the 1st quarter. Independent Solutions Wealth Management LLC now owns 52,344 shares of the company's stock worth $3,749,000 after acquiring an additional 1,435 shares during the last quarter. Spire Wealth Management lifted its holdings in shares of CocaCola by 3.5% during the first quarter. Spire Wealth Management now owns 39,392 shares of the company's stock valued at $2,821,000 after purchasing an additional 1,339 shares during the last quarter. waypoint wealth counsel increased its stake in CocaCola by 6.3% in the 1st quarter. waypoint wealth counsel now owns 6,366 shares of the company's stock worth $456,000 after purchasing an additional 375 shares in the last quarter. Finally, Saxony Capital Management LLC acquired a new position in shares of CocaCola in the first quarter worth about $233,000. Institutional investors and hedge funds own 70.26% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of CocaCola from $74.00 to $78.00 and gave the company an "overweight" rating in a research note on Monday, April 21st. Royal Bank Of Canada raised their price objective on CocaCola from $73.00 to $76.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. UBS Group upped their target price on CocaCola from $84.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Barclays reaffirmed an "overweight" rating on shares of CocaCola in a research report on Thursday, March 27th. Finally, Piper Sandler increased their target price on shares of CocaCola from $73.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $76.27.

Insiders Place Their Bets

In other news, CFO John Murphy sold 88,658 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $72.09, for a total transaction of $6,391,355.22. Following the sale, the chief financial officer now directly owns 205,511 shares in the company, valued at approximately $14,815,287.99. The trade was a 30.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Beatriz R. Perez sold 60,326 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $71.87, for a total value of $4,335,629.62. Following the completion of the transaction, the executive vice president now directly owns 187,716 shares of the company's stock, valued at approximately $13,491,148.92. This trade represents a 24.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 415,387 shares of company stock worth $29,923,985 in the last ninety days. Insiders own 0.90% of the company's stock.

CocaCola Stock Performance

Shares of NYSE:KO traded down $0.55 during midday trading on Wednesday, hitting $69.66. The company's stock had a trading volume of 12,536,081 shares, compared to its average volume of 16,001,739. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.89 and a current ratio of 1.10. The stock's 50 day simple moving average is $71.42 and its 200 day simple moving average is $68.17. The stock has a market capitalization of $299.84 billion, a price-to-earnings ratio of 27.86, a PEG ratio of 3.66 and a beta of 0.46. CocaCola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38.

CocaCola (NYSE:KO - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.02. CocaCola had a return on equity of 45.49% and a net margin of 23.00%. The firm had revenue of $11.13 billion for the quarter, compared to analyst estimates of $11.23 billion. During the same quarter last year, the firm posted $0.72 EPS. The company's revenue was down .7% on a year-over-year basis. As a group, research analysts anticipate that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date is Friday, June 13th. CocaCola's dividend payout ratio (DPR) is presently 81.60%.

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.