SouthState Corp Sells 7,214 Shares of The Coca-Cola Company (NYSE:KO)

SouthState Corp lessened its holdings in The Coca-Cola Company (NYSE:KO) by 2.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 348,502 shares of the company’s stock after selling 7,214 shares during the period. Coca-Cola accounts for 1.8% of SouthState Corp’s holdings, making the stock its 12th biggest position. SouthState Corp’s holdings in Coca-Cola were worth $20,537,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of KO. ZRC Wealth Management LLC raised its position in Coca-Cola by 213.3% during the 4th quarter. ZRC Wealth Management LLC now owns 470 shares of the company’s stock valued at $26,000 after purchasing an additional 320 shares during the last quarter. Criterion Capital Advisors LLC purchased a new position in shares of Coca-Cola during the fourth quarter valued at about $30,000. Financial Connections Group Inc. purchased a new stake in Coca-Cola during the fourth quarter worth $38,000. Avion Wealth lifted its holdings in Coca-Cola by 64.8% during the fourth quarter. Avion Wealth now owns 819 shares of the company’s stock worth $48,000 after buying an additional 322 shares during the period. Finally, Fortitude Family Office LLC purchased a new stake in Coca-Cola during the fourth quarter worth $53,000. 70.26% of the stock is currently owned by institutional investors.

Coca-Cola Trading Up 0.1 %

NYSE KO traded up $0.06 on Thursday, hitting $61.99. The company’s stock had a trading volume of 10,979,472 shares, compared to its average volume of 14,049,305. The firm has a market cap of $267.25 billion, a P/E ratio of 24.88, a PEG ratio of 3.53 and a beta of 0.57. The company’s 50-day simple moving average is $60.21 and its 200 day simple moving average is $59.04. The Coca-Cola Company has a 52-week low of $51.55 and a 52-week high of $64.25. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26.

Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. The firm had revenue of $11.30 billion for the quarter, compared to the consensus estimate of $11.01 billion. Coca-Cola had a return on equity of 42.74% and a net margin of 23.41%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. Research analysts predict that The Coca-Cola Company will post 2.81 EPS for the current fiscal year.

Coca-Cola Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a dividend of $0.485 per share. This is a boost from Coca-Cola’s previous quarterly dividend of $0.46. This represents a $1.94 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend was Thursday, March 14th. Coca-Cola’s dividend payout ratio is currently 77.60%.

Insider Activity

In other news, EVP Nancy Quan sold 57,368 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total transaction of $3,491,990.16. Following the sale, the executive vice president now owns 223,330 shares in the company, valued at $13,594,097.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Nancy Quan sold 57,368 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total value of $3,491,990.16. Following the sale, the executive vice president now owns 223,330 shares of the company’s stock, valued at $13,594,097.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total transaction of $15,063,636.72. Following the transaction, the chief executive officer now owns 442,546 shares in the company, valued at $26,968,753.24. The disclosure for this sale can be found here. Insiders have sold 323,107 shares of company stock worth $19,657,742 over the last ninety days. 0.97% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

KO has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Coca-Cola from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays raised their price objective on shares of Coca-Cola from $68.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday. UBS Group raised their price target on shares of Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup increased their price target on Coca-Cola from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, January 17th. Finally, Evercore ISI raised their target price on shares of Coca-Cola from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Coca-Cola presently has a consensus rating of “Moderate Buy” and an average target price of $68.27.

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.