Rhumbline Advisers Sells 193,620 Shares of The Coca-Cola Company (NYSE:KO)

Rhumbline Advisers lessened its stake in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 2.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,416,984 shares of the company's stock after selling 193,620 shares during the quarter. Coca-Cola comprises 0.5% of Rhumbline Advisers' investment portfolio, making the stock its 24th biggest holding. Rhumbline Advisers owned about 0.17% of Coca-Cola worth $531,204,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new position in Coca-Cola in the 4th quarter valued at approximately $241,000. Brighton Jones LLC grew its stake in Coca-Cola by 13.3% in the 4th quarter. Brighton Jones LLC now owns 39,072 shares of the company's stock valued at $2,433,000 after buying an additional 4,591 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in Coca-Cola in the 4th quarter valued at approximately $24,472,000. Revolve Wealth Partners LLC grew its stake in Coca-Cola by 3.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 8,795 shares of the company's stock valued at $548,000 after buying an additional 293 shares in the last quarter. Finally, Hunter Associates Investment Management LLC grew its stake in Coca-Cola by 8.8% in the 4th quarter. Hunter Associates Investment Management LLC now owns 11,500 shares of the company's stock valued at $717,000 after buying an additional 927 shares in the last quarter. Institutional investors own 70.26% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Evercore ISI lifted their price objective on shares of Coca-Cola from $72.00 to $75.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. raised their price target on shares of Coca-Cola from $74.00 to $78.00 and gave the company an "overweight" rating in a report on Monday, April 21st. Piper Sandler raised their price target on shares of Coca-Cola from $73.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, February 28th. Royal Bank of Canada raised their price target on shares of Coca-Cola from $73.00 to $76.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Finally, UBS Group raised their price target on shares of Coca-Cola from $84.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Coca-Cola has an average rating of "Buy" and an average price target of $75.81.

Coca-Cola Stock Performance

KO stock traded down $0.13 on Monday, hitting $71.98. The company had a trading volume of 10,196,133 shares, compared to its average volume of 15,726,094. The Coca-Cola Company has a 12-month low of $60.62 and a 12-month high of $74.38. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 1.61. The stock's 50-day simple moving average is $71.35 and its 200 day simple moving average is $67.32. The stock has a market cap of $309.80 billion, a price-to-earnings ratio of 29.14, a P/E/G ratio of 3.79 and a beta of 0.47.

Coca-Cola (NYSE:KO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.02. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. The business had revenue of $11.13 billion for the quarter, compared to the consensus estimate of $11.23 billion. During the same period last year, the firm earned $0.72 earnings per share. The company's quarterly revenue was down .7% on a year-over-year basis. As a group, equities research analysts expect that The Coca-Cola Company will post 2.96 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, June 13th. This represents a $2.04 annualized dividend and a dividend yield of 2.83%. Coca-Cola's payout ratio is 81.60%.

Insider Activity

In other Coca-Cola news, insider Nikolaos Koumettis sold 55,500 shares of Coca-Cola stock in a transaction on Friday, March 7th. The shares were sold at an average price of $71.01, for a total value of $3,941,055.00. Following the completion of the transaction, the insider now directly owns 246,909 shares of the company's stock, valued at $17,533,008.09. This trade represents a 18.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Henrique Braun sold 25,277 shares of Coca-Cola stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $71.47, for a total transaction of $1,806,547.19. Following the completion of the transaction, the chief operating officer now directly owns 52,466 shares of the company's stock, valued at $3,749,745.02. The trade was a 32.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 229,761 shares of company stock worth $16,474,587 in the last three months. Company insiders own 0.97% of the company's stock.

Coca-Cola 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.