Connors Investor Services Inc. Purchases 9,244 Shares of The Coca-Cola Company (NYSE:KO)

Connors Investor Services Inc. lifted its holdings in shares of The Coca-Cola Company (NYSE:KO) by 5.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 194,631 shares of the company’s stock after purchasing an additional 9,244 shares during the quarter. Connors Investor Services Inc.’s holdings in Coca-Cola were worth $12,388,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Tidemark LLC acquired a new stake in shares of Coca-Cola during the 4th quarter worth approximately $26,000. New Millennium Group LLC acquired a new position in shares of Coca-Cola during the 2nd quarter worth $26,000. Redmont Wealth Advisors LLC acquired a new stake in Coca-Cola in the first quarter valued at about $28,000. ESL Trust Services LLC bought a new position in shares of Coca-Cola in the first quarter worth about $28,000. Finally, Frazier Financial Advisors LLC bought a new stake in shares of Coca-Cola during the 4th quarter valued at approximately $31,000. 70.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KO. BNP Paribas began coverage on shares of Coca-Cola in a report on Monday, June 24th. They set an “outperform” rating and a $72.00 price target for the company. TD Cowen boosted their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Wells Fargo & Company lifted their target price on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research report on Monday. Truist Financial boosted their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $71.07.

Insider Transactions at Coca-Cola

In related news, EVP Nancy Quan sold 18,484 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at approximately $15,968,095. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Coca-Cola news, EVP Nancy Quan sold 18,484 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $15,968,095. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Cola Co Coca sold 598,619 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the completion of the sale, the insider now owns 1,883,546 shares of the company’s stock, valued at approximately $1,742,280,050. The disclosure for this sale can be found here. Insiders sold a total of 974,715 shares of company stock valued at $579,704,927 over the last three months. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Stock Performance

Shares of Coca-Cola stock opened at $72.10 on Tuesday. The business has a 50-day simple moving average of $68.47 and a 200 day simple moving average of $64.04. The firm has a market capitalization of $310.60 billion, a price-to-earnings ratio of 28.84, a PEG ratio of 3.93 and a beta of 0.60. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.08 and a quick ratio of 0.92. The Coca-Cola Company has a one year low of $51.55 and a one year high of $73.53.

Coca-Cola (NYSE:KO) last issued its earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The company had revenue of $12.40 billion for the quarter, compared to analyst estimates of $11.78 billion. During the same period in the prior year, the firm earned $0.78 earnings per share. Coca-Cola’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, research analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Friday, September 13th. Coca-Cola’s dividend payout ratio is currently 77.60%.

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.