Praxis Investment Management Inc. Sells 6,340 Shares of CocaCola Company (The) $KO

Key Points

• Praxis Investment Management Inc. sold 6,340 shares of CocaCola, reducing its holdings by 6.0%, leaving them with 99,190 shares valued at approximately $7 million.
• Wall Street analysts maintain positive outlooks for CocaCola, with target prices ranging from $75.00 to $83.00 reflecting a consensus "Buy" rating.
• CocaCola plans to distribute a quarterly dividend of $0.51 per share on December 15th, translating to an annual yield of 3.0%.

Praxis Investment Management Inc. lowered its position in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 6.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 99,190 shares of the company's stock after selling 6,340 shares during the quarter. Praxis Investment Management Inc.'s holdings in CocaCola were worth $7,018,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. MorganRosel Wealth Management LLC bought a new stake in CocaCola during the first quarter worth $25,000. 1248 Management LLC bought a new stake in shares of CocaCola in the 1st quarter worth approximately $26,000. Garde Capital Inc. bought a new stake in shares of CocaCola in the 1st quarter worth approximately $30,000. Mizuho Securities Co. Ltd. raised its holdings in shares of CocaCola by 360.0% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 460 shares of the company's stock worth $33,000 after purchasing an additional 360 shares during the period. Finally, Ridgewood Investments LLC raised its holdings in shares of CocaCola by 148.4% in the 1st quarter. Ridgewood Investments LLC now owns 477 shares of the company's stock worth $34,000 after purchasing an additional 285 shares during the period. 70.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on KO shares. BNP Paribas restated an "outperform" rating and issued a $83.00 target price on shares of CocaCola in a research note on Monday, July 21st. Royal Bank Of Canada set a $76.00 price objective on CocaCola and gave the company an "outperform" rating in a research note on Monday, July 21st. UBS Group lowered their price objective on CocaCola from $84.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, September 11th. Wells Fargo & Company lowered their price target on shares of CocaCola from $78.00 to $75.00 and set an "overweight" rating on the stock in a research report on Thursday, September 25th. Finally, JPMorgan Chase & Co. boosted their price target on shares of CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company. According to data from MarketBeat.com, CocaCola presently has an average rating of "Buy" and a consensus price target of $76.69.

Insiders Place Their Bets

In related news, insider Nikolaos Koumettis sold 37,396 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $69.10, for a total value of $2,584,063.60. Following the transaction, the insider directly owned 209,513 shares in the company, valued at approximately $14,477,348.30. This represents a 15.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.97% of the stock is owned by corporate insiders.

CocaCola Stock Performance

CocaCola stock opened at $67.54 on Friday. The firm's 50 day simple moving average is $67.88 and its 200 day simple moving average is $69.75. The company has a current ratio of 1.21, a quick ratio of 0.98 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $290.67 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 3.49 and a beta of 0.43. CocaCola Company has a 1-year low of $60.62 and a 1-year high of $74.38.

CocaCola (NYSE:KO - Get Free Report) last released its quarterly earnings results on Thursday, March 27th. The company reported $0.55 earnings per share for the quarter. The firm had revenue of $11.40 billion for the quarter. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. As a group, analysts expect that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, December 1st. CocaCola's dividend payout ratio is currently 72.34%.

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.

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