Financial Gravity Asset Management Inc. Purchases New Holdings in CocaCola Company (The) (NYSE:KO)

Financial Gravity Asset Management Inc. bought a new position in shares of CocaCola Company (The) (NYSE:KO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 31,981 shares of the company's stock, valued at approximately $2,290,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Alps Advisors Inc. raised its holdings in CocaCola by 5.4% in the 1st quarter. Alps Advisors Inc. now owns 115,104 shares of the company's stock worth $8,244,000 after acquiring an additional 5,904 shares during the period. Allworth Financial LP grew its position in shares of CocaCola by 0.9% in the first quarter. Allworth Financial LP now owns 530,787 shares of the company's stock valued at $38,493,000 after purchasing an additional 4,928 shares during the last quarter. Stonebrook Private Inc. increased its stake in shares of CocaCola by 6.0% in the first quarter. Stonebrook Private Inc. now owns 13,129 shares of the company's stock worth $940,000 after purchasing an additional 744 shares during the period. Significant Wealth Partners LLC increased its stake in shares of CocaCola by 19.0% in the first quarter. Significant Wealth Partners LLC now owns 4,486 shares of the company's stock worth $321,000 after purchasing an additional 717 shares during the period. Finally, Forza Wealth Management LLC acquired a new position in shares of CocaCola during the 1st quarter worth about $200,000. Institutional investors and hedge funds own 70.26% of the company's stock.

Insider Transactions at CocaCola

In other news, CEO James Quincey sold 266,403 shares of the stock in a transaction on 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 owned 275,946 shares in the company, valued at approximately $19,884,668.76. This represents a 49.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John Murphy sold 88,658 shares of the firm's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $72.09, for a total value of $6,391,355.22. Following the completion of the sale, the chief financial officer owned 205,511 shares of the company's stock, valued at approximately $14,815,287.99. This trade represents a 30.14% 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 valued at $29,923,985 in the last three months. 0.97% of the stock is owned by corporate insiders.

CocaCola Price Performance

CocaCola stock traded up $0.25 during mid-day trading on Friday, hitting $70.02. 6,840,071 shares of the company were exchanged, compared to its average volume of 16,267,330. The company has a market capitalization of $301.36 billion, a PE ratio of 28.01, a price-to-earnings-growth ratio of 3.64 and a beta of 0.45. The business has a fifty day moving average of $70.93 and a 200 day moving average of $68.77. CocaCola Company has a 1-year low of $60.62 and a 1-year high of $74.38. The company has a quick ratio of 0.89, a current ratio of 1.10 and a debt-to-equity ratio of 1.57.

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

CocaCola Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date was Friday, June 13th. CocaCola's dividend payout ratio (DPR) is currently 81.60%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Barclays reaffirmed an "overweight" rating on shares of CocaCola in a report on Thursday, March 27th. Cfra Research upgraded shares of CocaCola to a "strong-buy" rating in a research note on Tuesday, April 15th. JPMorgan Chase & Co. upped 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. UBS Group boosted their price objective on shares of CocaCola from $84.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $81.00 price objective on shares of CocaCola in a research report on Monday, June 9th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $76.71.

About CocaCola

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.