Parsons Capital Management Inc. RI Lowers Position in CocaCola Company (The) $KO

Key Points

• Parsons Capital Management Inc. RI reduced its stake in CocaCola by 79.9% in Q2, owning 23,842 shares after selling 94,666 shares, reflecting a significant shift in their investment strategy.
• Insider transaction reports indicate that Nikolaos Koumettis sold 37,396 shares for over $2.5 million, decreasing his ownership by 15.15%.
• Recent analyst reports have adjusted CocaCola's target price, with Wells Fargo reducing it from $78.00 to $75.00 while maintaining an "overweight" rating.

Parsons Capital Management Inc. RI lessened its position in CocaCola Company (The) (NYSE:KO - Free Report) by 79.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,842 shares of the company's stock after selling 94,666 shares during the quarter. Parsons Capital Management Inc. RI's holdings in CocaCola were worth $1,687,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in KO. Sage Financial Management Group Inc. purchased a new position in CocaCola during the first quarter valued at $216,000. Perigon Wealth Management LLC raised its stake in CocaCola by 3.6% during the second quarter. Perigon Wealth Management LLC now owns 130,164 shares of the company's stock valued at $9,209,000 after buying an additional 4,469 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in CocaCola by 6.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 30,889,415 shares of the company's stock valued at $2,212,300,000 after buying an additional 1,794,561 shares during the last quarter. Cornerstone Wealth Management LLC raised its stake in CocaCola by 3.3% during the first quarter. Cornerstone Wealth Management LLC now owns 121,279 shares of the company's stock valued at $8,686,000 after buying an additional 3,920 shares during the last quarter. Finally, Banque Pictet & Cie SA raised its stake in CocaCola by 72.6% during the second quarter. Banque Pictet & Cie SA now owns 204,392 shares of the company's stock valued at $14,461,000 after buying an additional 85,950 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Insider Transactions at CocaCola

In other CocaCola news, insider Nikolaos Koumettis sold 37,396 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was 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 owned 209,513 shares of the company's stock, valued at approximately $14,477,348.30. The trade was a 15.15% 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. Corporate insiders own 0.97% of the company's stock.

CocaCola Stock Performance

Shares of KO opened at $66.09 on Friday. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.21 and a quick ratio of 0.98. CocaCola Company has a one year low of $60.62 and a one year high of $74.38. The firm has a market capitalization of $284.44 billion, a P/E ratio of 23.44, a PEG ratio of 3.48 and a beta of 0.43. The business has a fifty day moving average of $68.32 and a 200 day moving average of $69.96.

CocaCola (NYSE:KO - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $0.87 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $12.55 billion. During the same quarter in the previous year, the company posted $0.84 earnings per share. CocaCola's revenue was up 2.5% compared to the same quarter last year. CocaCola has set its FY 2025 guidance at 2.970-2.970 EPS. As a group, sell-side analysts anticipate that CocaCola Company will post 2.96 EPS for the current year.

CocaCola Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, September 15th. CocaCola's payout ratio is currently 72.34%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wells Fargo & Company reduced their target price on CocaCola from $78.00 to $75.00 and set an "overweight" rating for the company in a report on Thursday, September 25th. UBS Group reduced their target price on CocaCola from $84.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, September 11th. BNP Paribas reissued an "outperform" rating and issued a $83.00 target price on shares of CocaCola in a report on Monday, July 21st. Royal Bank Of Canada set a $76.00 target price on CocaCola and gave the stock an "outperform" rating in a report on Monday, July 21st. Finally, Morgan Stanley reissued an "overweight" rating and issued a $81.00 target price on shares of CocaCola in a report on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $76.93.

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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