Confluence Wealth Services Inc. acquired a new stake in shares of The Coca-Cola Company (NYSE:KO – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 24,711 shares of the company’s stock, valued at approximately $1,463,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. bought a new stake in Coca-Cola in the 4th quarter valued at approximately $260,000. Pictet Asset Management SA raised its position in shares of Coca-Cola by 6.5% in the fourth quarter. Pictet Asset Management SA now owns 2,609,976 shares of the company’s stock valued at $154,537,000 after buying an additional 159,680 shares in the last quarter. Prosperity Consulting Group LLC bought a new position in Coca-Cola in the fourth quarter valued at approximately $839,000. Pittenger & Anderson Inc. grew its stake in shares of Coca-Cola by 8.2% during the fourth quarter. Pittenger & Anderson Inc. now owns 56,243 shares of the company’s stock worth $3,330,000 after buying an additional 4,280 shares during the last quarter. Finally, Lafayette Investments Inc. grew its stake in shares of Coca-Cola by 1.1% during the fourth quarter. Lafayette Investments Inc. now owns 78,424 shares of the company’s stock worth $4,643,000 after buying an additional 836 shares during the last quarter. 68.51% of the stock is owned by institutional investors.
KO has been the topic of several recent analyst reports. The Goldman Sachs Group set a $58.00 target price on shares of Coca-Cola in a research note on Thursday, February 10th. Truist Financial lifted their target price on shares of Coca-Cola from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, April 26th. Cowen lifted their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the company a “market perform” rating in a research report on Tuesday, April 26th. HSBC lifted their price target on shares of Coca-Cola from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, April 26th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Coca-Cola from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday, March 30th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $67.29.
Coca-Cola (NYSE:KO – Get Rating) last announced its earnings results on Monday, April 25th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.06. Coca-Cola had a return on equity of 41.84% and a net margin of 25.69%. The company had revenue of $10.50 billion during the quarter, compared to analyst estimates of $9.83 billion. During the same period last year, the company posted $0.55 earnings per share. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. As a group, research analysts forecast that The Coca-Cola Company will post 2.47 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Wednesday, June 15th will be given a dividend of $0.44 per share. The ex-dividend date is Tuesday, June 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.73%. Coca-Cola’s dividend payout ratio is currently 73.95%.
In other news, COO Brian John Smith sold 35,800 shares of the stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $67.04, for a total transaction of $2,400,032.00. Following the completion of the sale, the chief operating officer now owns 116,168 shares of the company’s stock, valued at $7,787,902.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Monica Howard Douglas sold 14,122 shares of the stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $58.85, for a total value of $831,079.70. The disclosure for this sale can be found here. Insiders sold 667,137 shares of company stock valued at $42,579,677 over the last quarter. Corporate insiders own 0.98% of the company’s stock.
Coca-Cola Company Profile (Get Rating)
The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; flavored and enhanced water, and sports drinks; juice, dairy, and plant-based beverages; tea and coffee; and energy drinks. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
- Get a free copy of the StockNews.com research report on Coca-Cola (KO)
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