Pennington Partners & CO. LLC Buys New Stake in The Coca-Cola Company (NYSE:KO)

Pennington Partners & CO. LLC purchased a new stake in shares of The Coca-Cola Company (NYSE:KO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,765 shares of the company's stock, valued at approximately $359,000.

A number of other large investors have also added to or reduced their stakes in KO. Hutner Capital Management Inc. grew its holdings in shares of Coca-Cola by 15.4% during the 4th quarter. Hutner Capital Management Inc. now owns 147,769 shares of the company's stock valued at $9,200,000 after purchasing an additional 19,755 shares during the last quarter. South Plains Financial Inc. bought a new position in shares of Coca-Cola during the fourth quarter valued at about $173,000. Arrow Financial Corp grew its stake in shares of Coca-Cola by 1.0% during the fourth quarter. Arrow Financial Corp now owns 32,319 shares of the company's stock valued at $2,012,000 after buying an additional 317 shares during the last quarter. Itau Unibanco Holding S.A. increased its holdings in shares of Coca-Cola by 1,696.4% in the fourth quarter. Itau Unibanco Holding S.A. now owns 678,994 shares of the company's stock worth $42,125,000 after buying an additional 641,196 shares during the period. Finally, LGT Financial Advisors LLC bought a new stake in shares of Coca-Cola in the 4th quarter valued at about $93,000. Hedge funds and other institutional investors own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KO. Piper Sandler lifted their price target on Coca-Cola from $73.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. Morgan Stanley increased their price target on shares of Coca-Cola from $76.00 to $78.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Jefferies Financial Group upgraded shares of Coca-Cola from a "hold" rating to a "buy" rating and boosted their price objective for the company from $69.00 to $75.00 in a research report on Thursday, January 30th. Evercore ISI raised their target price on Coca-Cola from $72.00 to $75.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Finally, TD Cowen upgraded Coca-Cola from a "hold" rating to a "buy" rating and set a $75.00 price objective for the company in a report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Coca-Cola has an average rating of "Buy" and an average price target of $75.59.

Coca-Cola Stock Up 0.6 %

Shares of NYSE KO traded up $0.40 during midday trading on Friday, hitting $71.69. The stock had a trading volume of 12,626,934 shares, compared to its average volume of 15,442,534. The business's 50 day moving average is $70.90 and its 200-day moving average is $66.56. The Coca-Cola Company has a 52 week low of $60.62 and a 52 week high of $74.38. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.61. The company has a market cap of $308.52 billion, a P/E ratio of 29.02, a PEG ratio of 3.79 and a beta of 0.45.

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

Coca-Cola Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Friday, June 13th. Coca-Cola's dividend payout ratio (DPR) is 81.60%.

Insider Activity

In other Coca-Cola news, EVP Lisa Chang sold 13,445 shares of Coca-Cola stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $71.50, for a total transaction of $961,317.50. Following the transaction, the executive vice president now owns 94,676 shares of the company's stock, valued at $6,769,334. The trade was a 12.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nikolaos Koumettis sold 54,708 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $70.96, for a total transaction of $3,882,079.68. Following the completion of the sale, the insider now directly owns 246,909 shares of the company's stock, valued at approximately $17,520,662.64. This trade represents a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 313,423 shares of company stock valued at $22,263,071 over the last three months. 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.