The Coca-Cola Company (NYSE:KO) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its holdings in shares of The Coca-Cola Company (NYSE:KO) by 1.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,093,348 shares of the company’s stock after selling 20,300 shares during the period. State of Michigan Retirement System’s holdings in Coca-Cola were worth $68,072,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Hara Capital LLC bought a new position in shares of Coca-Cola during the third quarter worth about $35,000. MidAtlantic Capital Management Inc. acquired a new stake in Coca-Cola during the third quarter valued at approximately $43,000. Retirement Wealth Solutions LLC acquired a new stake in Coca-Cola during the fourth quarter valued at approximately $37,000. MilWealth Group LLC acquired a new position in shares of Coca-Cola in the 4th quarter worth approximately $40,000. Finally, Sugar Maple Asset Management LLC bought a new stake in shares of Coca-Cola in the 4th quarter valued at approximately $43,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Price Performance

Shares of NYSE KO opened at $72.29 on Tuesday. The firm’s 50-day simple moving average is $64.73 and its 200 day simple moving average is $66.52. The stock has a market cap of $310.92 billion, a P/E ratio of 29.27, a P/E/G ratio of 3.79 and a beta of 0.61. 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 Coca-Cola Company has a fifty-two week low of $57.93 and a fifty-two week high of $73.53.

Coca-Cola (NYSE:KO) last announced its earnings results on Tuesday, February 11th. The company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.51 by $0.04. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. Equities analysts expect that The Coca-Cola Company will post 2.96 EPS for the current year.

Coca-Cola Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.51 per share. This is a positive change from Coca-Cola’s previous quarterly dividend of $0.49. This represents a $2.04 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Friday, March 14th. Coca-Cola’s payout ratio is presently 82.59%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Barclays raised their price objective on Coca-Cola from $66.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Wells Fargo & Company lifted their price target on shares of Coca-Cola from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Piper Sandler increased their price objective on shares of Coca-Cola from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. TD Cowen upgraded Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Wednesday, January 8th. Finally, Morgan Stanley increased their price target on Coca-Cola from $76.00 to $78.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.24.

Insiders Place Their Bets

In other Coca-Cola news, insider Bruno Pietracci sold 19,058 shares of Coca-Cola stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $70.56, for a total value of $1,344,732.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nikolaos Koumettis sold 54,708 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $70.96, for a total value of $3,882,079.68. Following the sale, the insider now owns 246,909 shares of the company’s stock, valued at $17,520,662.64. This trade represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 232,646 shares of company stock worth $16,515,469. 0.97% of the stock is owned by corporate insiders.

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.