Connable Office Inc. Cuts Stock Position in The Coca-Cola Company (NYSE:KO)

Connable Office Inc. cut its holdings in shares of The Coca-Cola Company (NYSE:KO) by 12.9% during the third quarter, Holdings Channel.com reports. The fund owned 42,434 shares of the company’s stock after selling 6,275 shares during the period. Connable Office Inc.’s holdings in Coca-Cola were worth $3,049,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. New Millennium Group LLC purchased a new position in Coca-Cola in the 2nd quarter worth approximately $26,000. Quarry LP purchased a new position in shares of Coca-Cola in the second quarter worth $27,000. ESL Trust Services LLC bought a new position in shares of Coca-Cola during the first quarter worth $28,000. Hara Capital LLC purchased a new position in Coca-Cola during the third quarter valued at $35,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in Coca-Cola during the third quarter valued at $36,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coca-Cola

In related news, EVP Lisa Chang sold 40,334 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $69.54, for a total transaction of $2,804,826.36. Following the completion of the transaction, the executive vice president now owns 74,067 shares in the company, valued at $5,150,619.18. The trade was a 35.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James Quincey sold 102,533 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the completion of the sale, the chief executive officer now owns 442,546 shares of the company’s stock, valued at approximately $30,987,070.92. This trade represents a 18.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 303,748 shares of company stock valued at $20,677,431. 0.97% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on KO shares. StockNews.com lowered Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Barclays cut their price target on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Truist Financial raised their target price on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, TD Cowen increased their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $72.36.

Coca-Cola Stock Performance

KO stock opened at $62.55 on Friday. The firm has a market cap of $269.43 billion, a price-to-earnings ratio of 25.85, a PEG ratio of 3.83 and a beta of 0.61. The Coca-Cola Company has a twelve month low of $56.70 and a twelve month high of $73.53. The business’s fifty day simple moving average is $68.99 and its two-hundred day simple moving average is $66.51. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The business had revenue of $11.85 billion for the quarter, compared to analyst estimates of $11.61 billion. During the same period last year, the company posted $0.74 earnings per share. The company’s quarterly revenue was down .8% compared to the same quarter last year. Analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s payout ratio is 80.17%.

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.