SouthState Corp lessened its stake in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 23.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 255,132 shares of the company's stock after selling 77,066 shares during the period. SouthState Corp's holdings in CocaCola were worth $18,273,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. New Republic Capital LLC increased its stake in CocaCola by 1.6% in the 1st quarter. New Republic Capital LLC now owns 8,662 shares of the company's stock valued at $625,000 after buying an additional 139 shares during the period. Alteri Wealth LLC increased its stake in CocaCola by 2.1% in the 1st quarter. Alteri Wealth LLC now owns 6,874 shares of the company's stock valued at $492,000 after buying an additional 140 shares during the period. Deseret Mutual Benefit Administrators increased its stake in CocaCola by 0.7% in the 1st quarter. Deseret Mutual Benefit Administrators now owns 20,099 shares of the company's stock valued at $1,439,000 after buying an additional 143 shares during the period. MBA Advisors LLC increased its stake in CocaCola by 1.2% in the 1st quarter. MBA Advisors LLC now owns 12,443 shares of the company's stock valued at $891,000 after buying an additional 143 shares during the period. Finally, BXM Wealth LLC increased its stake in CocaCola by 4.3% in the 1st quarter. BXM Wealth LLC now owns 3,532 shares of the company's stock valued at $253,000 after buying an additional 144 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at CocaCola
In other CocaCola news, insider Nikolaos Koumettis sold 37,396 shares of the company's stock in a transaction dated 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Quincey sold 266,403 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 275,946 shares in the company, valued at approximately $19,884,668.76. This trade represents a 49.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.
CocaCola Stock Performance
KO stock remained flat at $70.75 during trading on Tuesday. 11,060,613 shares of the company traded hands, compared to its average volume of 14,526,525. The company has a market capitalization of $304.48 billion, a PE ratio of 25.09, a price-to-earnings-growth ratio of 3.68 and a beta of 0.44. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.98 and a current ratio of 1.21. The company has a fifty day moving average price of $70.09 and a 200 day moving average price of $70.02. CocaCola Company has a 12-month low of $60.62 and a 12-month high of $74.38.
CocaCola (NYSE:KO - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.83 by $0.04. The company had revenue of $12.50 billion for the quarter, compared to analyst estimates of $12.55 billion. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. The firm's quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 EPS. As a group, sell-side analysts forecast that CocaCola Company will post 2.96 earnings per share for the current fiscal year.
CocaCola Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, September 15th. CocaCola's dividend payout ratio is 72.34%.
Analysts Set New Price Targets
Several brokerages have commented on KO. UBS Group decreased their target price 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. BNP Paribas restated an "outperform" rating and set a $83.00 target price 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. Morgan Stanley restated an "overweight" rating and set a $81.00 target price on shares of CocaCola in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of CocaCola from $77.00 to $79.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $77.21.
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About CocaCola
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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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