Cresset Asset Management LLC Sells 105,760 Shares of CocaCola Company (The) $KO

Key Points

• Cresset Asset Management LLC has reduced its stake in CocaCola Company by 24.8%, holding 320,009 shares worth approximately $23.08 million after selling 105,760 shares in the first quarter of 2023.
• Analysts have set various price targets for CocaCola stock, with JPMorgan Chase raising its target from $77.00 to $79.00, while UBS Group decreased its target from $86.00 to $84.00, indicating overall positive sentiment.
• CocaCola declared a quarterly dividend of $0.51 per share, payable on October 1st, which gives an annualized yield of 2.9%.

Cresset Asset Management LLC trimmed its stake in CocaCola Company (The) (NYSE:KO - Free Report) by 24.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 320,009 shares of the company's stock after selling 105,760 shares during the quarter. Cresset Asset Management LLC's holdings in CocaCola were worth $23,081,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. MorganRosel Wealth Management LLC acquired a new position in shares of CocaCola in the 1st quarter worth $25,000. Garde Capital Inc. acquired a new position in CocaCola during the first quarter valued at $30,000. Mizuho Securities Co. Ltd. raised its position in CocaCola by 360.0% during the first quarter. Mizuho Securities Co. Ltd. now owns 460 shares of the company's stock valued at $33,000 after buying an additional 360 shares during the period. Ridgewood Investments LLC raised its position in CocaCola by 148.4% during the first quarter. Ridgewood Investments LLC now owns 477 shares of the company's stock valued at $34,000 after buying an additional 285 shares during the period. Finally, REAP Financial Group LLC raised its position in CocaCola by 57.5% during the fourth quarter. REAP Financial Group LLC now owns 570 shares of the company's stock valued at $35,000 after buying an additional 208 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at CocaCola

In other CocaCola news, insider Nikolaos Koumettis sold 37,396 shares of CocaCola stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $69.10, for a total value of $2,584,063.60. Following the completion of the transaction, the insider owned 209,513 shares in the company, valued at approximately $14,477,348.30. The trade was a 15.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO James Quincey sold 266,403 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the sale, the chief executive officer directly owned 275,946 shares in the company, valued at approximately $19,884,668.76. This represents a 49.12% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.90% of the company's stock.

CocaCola Stock Performance

NYSE:KO traded up $0.5090 during mid-day trading on Wednesday, hitting $70.6390. 11,955,337 shares of the company's stock traded hands, compared to its average volume of 16,826,482. The firm has a 50 day moving average of $69.92 and a two-hundred day moving average of $70.24. CocaCola Company has a 12 month low of $60.62 and a 12 month high of $74.38. The firm has a market capitalization of $304.01 billion, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 3.60 and a beta of 0.44. The company has a current ratio of 1.21, a quick ratio of 0.98 and a debt-to-equity ratio of 1.49.

CocaCola (NYSE:KO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.04. CocaCola had a return on equity of 44.91% and a net margin of 25.89%.The company had revenue of $12.50 billion during the quarter, compared to the consensus estimate of $12.55 billion. During the same quarter last year, the company earned $0.84 EPS. The company's quarterly revenue was up 2.5% on a year-over-year basis. CocaCola has set its FY 2025 guidance at 2.970-2.970 EPS. On average, equities analysts forecast that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. CocaCola's dividend payout ratio (DPR) is currently 72.34%.

Wall Street Analyst Weigh In

A number of brokerages have commented on KO. Morgan Stanley restated an "overweight" rating and issued a $81.00 target price on shares of CocaCola in a research note on Monday, June 9th. JPMorgan Chase & Co. boosted their target price on CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. UBS Group lowered their target price on CocaCola from $86.00 to $84.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. BNP Paribas reiterated an "outperform" rating and set a $83.00 price target on shares of CocaCola in a research note on Monday, July 21st. Finally, Royal Bank Of Canada set a $76.00 price target on CocaCola and gave the stock an "outperform" rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, CocaCola has a consensus rating of "Buy" and a consensus price target of $77.21.

CocaCola 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.