Summit Global Investments Has $10.80 Million Holdings in The Coca-Cola Company (NYSE:KO)

Summit Global Investments grew its position in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 71.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 150,786 shares of the company's stock after purchasing an additional 62,665 shares during the quarter. Coca-Cola accounts for 0.8% of Summit Global Investments' portfolio, making the stock its 17th largest position. Summit Global Investments' holdings in Coca-Cola were worth $10,799,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Voleon Capital Management LP purchased a new stake in shares of Coca-Cola during the fourth quarter valued at $2,513,000. Rice Partnership LLC increased its stake in Coca-Cola by 7.1% in the 4th quarter. Rice Partnership LLC now owns 102,746 shares of the company's stock worth $6,397,000 after purchasing an additional 6,793 shares in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in Coca-Cola by 62.2% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 26,708 shares of the company's stock worth $1,663,000 after buying an additional 10,240 shares during the period. Lockheed Martin Investment Management Co. lifted its stake in Coca-Cola by 16.3% during the fourth quarter. Lockheed Martin Investment Management Co. now owns 218,985 shares of the company's stock valued at $13,634,000 after buying an additional 30,650 shares in the last quarter. Finally, abrdn plc boosted its holdings in shares of Coca-Cola by 0.3% in the fourth quarter. abrdn plc now owns 7,238,640 shares of the company's stock worth $447,963,000 after buying an additional 22,904 shares during the period. Institutional investors own 70.26% of the company's stock.

Coca-Cola Price Performance

Coca-Cola stock traded up $0.64 on Friday, reaching $72.13. The company's stock had a trading volume of 28,013,099 shares, compared to its average volume of 15,764,664. The Coca-Cola Company has a twelve month low of $60.62 and a twelve month high of $74.38. The company has a market cap of $310.47 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 3.79 and a beta of 0.47. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.84 and a current ratio of 1.03. The business's fifty day moving average price is $71.35 and its 200 day moving average price is $67.26.

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

Coca-Cola Announces Dividend

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

Wall Street Analyst Weigh In

KO has been the topic of a number of recent analyst reports. Evercore ISI boosted their price target on shares of Coca-Cola from $72.00 to $75.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. raised their price objective on shares of Coca-Cola from $74.00 to $78.00 and gave the company an "overweight" rating in a research report on Monday, April 21st. Royal Bank of Canada increased their price target on shares of Coca-Cola from $73.00 to $76.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. Piper Sandler lifted their price objective on shares of Coca-Cola from $73.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, February 28th. Finally, DZ Bank raised shares of Coca-Cola from a "hold" rating to a "buy" rating and set a $75.00 target price on the stock in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $75.81.

Insiders Place Their Bets

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

Coca-Cola 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.