Modera Wealth Management LLC Lowers Stake in CocaCola Company (The) (NYSE:KO)

Key Points

• Modera Wealth Management LLC reduced its stake in CocaCola by 3.7%, selling 6,894 shares and leaving it with 178,242 shares valued at approximately $12.77 million.
• CocaCola reported earnings of $0.87 per share for the last quarter, surpassing estimates, with revenue of $12.5 billion.
• The company declared a quarterly dividend of $0.51 per share, reflecting a yield of 2.94%, payable on October 1st to shareholders of record as of September 15th.

Modera Wealth Management LLC decreased its holdings in CocaCola Company (The) (NYSE:KO - Free Report) by 3.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 178,242 shares of the company's stock after selling 6,894 shares during the quarter. Modera Wealth Management LLC's holdings in CocaCola were worth $12,766,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MorganRosel Wealth Management LLC purchased a new position in shares of CocaCola in the first quarter worth approximately $25,000. Garde Capital Inc. purchased a new position in shares of CocaCola in the first quarter worth approximately $30,000. Mizuho Securities Co. Ltd. boosted its holdings in shares of CocaCola by 360.0% in the first quarter. Mizuho Securities Co. Ltd. now owns 460 shares of the company's stock worth $33,000 after buying an additional 360 shares during the last quarter. Ridgewood Investments LLC boosted its holdings in shares of CocaCola by 148.4% in the first quarter. Ridgewood Investments LLC now owns 477 shares of the company's stock worth $34,000 after buying an additional 285 shares during the last quarter. Finally, Moser Wealth Advisors LLC boosted its holdings in shares of CocaCola by 449.5% in the first quarter. Moser Wealth Advisors LLC now owns 500 shares of the company's stock worth $36,000 after buying an additional 409 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

CocaCola Price Performance

KO traded up $0.59 during trading hours on Friday, hitting $68.48. The company's stock had a trading volume of 2,970,357 shares, compared to its average volume of 17,184,957. The business's 50-day moving average price is $70.39 and its 200-day moving average price is $69.54. CocaCola Company has a 12 month low of $60.62 and a 12 month high of $74.38. The stock has a market cap of $294.70 billion, a price-to-earnings ratio of 24.26, a P/E/G ratio of 3.58 and a beta of 0.45. 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 results on Tuesday, July 22nd. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.04. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. The company had revenue of $12.50 billion for the quarter, compared to analysts' expectations of $12.55 billion. During the same quarter in the previous year, the business posted $0.84 earnings per share. CocaCola's quarterly revenue was up 2.5% on a year-over-year basis. Sell-side analysts expect that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Monday, September 15th. This represents a $2.04 dividend on an annualized basis and a yield of 3.0%. CocaCola's payout ratio is 72.34%.

Analyst Ratings Changes

Several brokerages have recently commented on KO. BNP Paribas restated an "outperform" rating and set a $83.00 price objective on shares of CocaCola in a research report on Monday, July 21st. Cfra Research upgraded shares of CocaCola to a "strong-buy" rating in a research report on Tuesday, April 15th. UBS Group decreased their price objective on shares of CocaCola from $86.00 to $84.00 and set a "buy" rating on the stock in a research report on Wednesday, July 23rd. Morgan Stanley reissued an "overweight" rating and issued a $81.00 target price on shares of CocaCola in a report on Monday, June 9th. Finally, Royal Bank Of Canada set a $76.00 target price on shares of CocaCola and gave the stock an "outperform" rating in a report on Monday, July 21st. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $77.21.

Insider Buying and Selling at CocaCola

In other CocaCola news, CEO James Quincey sold 266,403 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the transaction, the chief executive officer owned 275,946 shares in the company, valued at $19,884,668.76. The trade was a 49.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John Murphy sold 88,658 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $72.09, for a total transaction of $6,391,355.22. Following the transaction, the chief financial officer owned 205,511 shares in the company, valued at $14,815,287.99. This trade represents a 30.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 415,387 shares of company stock worth $29,923,985 over the last quarter. Insiders own 0.97% of the company's stock.

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.