Hedges Asset Management LLC Sells 2,400 Shares of The Coca-Cola Company (NYSE:KO)

Hedges Asset Management LLC trimmed its holdings in The Coca-Cola Company (NYSE:KO) by 31.6% in the 3rd quarter, Holdings Channel reports. The fund owned 5,200 shares of the company’s stock after selling 2,400 shares during the quarter. Hedges Asset Management LLC’s holdings in Coca-Cola were worth $374,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its position in Coca-Cola by 21.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock valued at $3,016,023,000 after purchasing an additional 8,733,326 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Coca-Cola by 30.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,698,984 shares of the company’s stock valued at $776,924,000 after acquiring an additional 2,964,850 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Coca-Cola during the 2nd quarter valued at about $188,448,000. M&G Plc purchased a new stake in shares of Coca-Cola during the 1st quarter valued at about $157,087,000. Finally, Pathway Financial Advisers LLC boosted its holdings in shares of Coca-Cola by 7,006.8% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,478,487 shares of the company’s stock valued at $178,104,000 after acquiring an additional 2,443,612 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Coca-Cola news, insider Bruno Pietracci sold 38,653 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Bruno Pietracci sold 38,653 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Lisa Chang sold 58,122 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $68.51, for a total transaction of $3,981,938.22. Following the completion of the sale, the executive vice president now owns 74,067 shares in the company, valued at approximately $5,074,330.17. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 319,005 shares of company stock worth $22,198,147 in the last 90 days. 0.97% of the stock is currently owned by corporate insiders.

Coca-Cola Price Performance

NYSE KO opened at $66.92 on Monday. The Coca-Cola Company has a 12 month low of $55.10 and a 12 month high of $73.53. The stock has a market cap of $288.29 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 3.91 and a beta of 0.60. The company’s 50 day moving average is $70.66 and its two-hundred day moving average is $66.11. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39.

Coca-Cola (NYSE:KO) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.03. The firm had revenue of $11.85 billion for the quarter, compared to analysts’ expectations of $11.61 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The company’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 earnings per share. As a group, research analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, November 29th. Coca-Cola’s payout ratio is currently 77.60%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KO. Royal Bank of Canada raised their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Barclays dropped their price target on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday. StockNews.com downgraded shares of Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Cfra reiterated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Finally, Truist Financial increased their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Coca-Cola currently has an average rating of “Moderate Buy” and an average target price of $71.80.

About Coca-Cola

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.