Principal Street Partners LLC Sells 20,194 Shares of The Coca-Cola Company (NYSE:KO)

Principal Street Partners LLC reduced its stake in The Coca-Cola Company (NYSE:KO) by 18.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,544 shares of the company’s stock after selling 20,194 shares during the quarter. Coca-Cola comprises approximately 1.0% of Principal Street Partners LLC’s holdings, making the stock its 24th largest position. Principal Street Partners LLC’s holdings in Coca-Cola were worth $6,357,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ancora Advisors LLC raised its holdings in Coca-Cola by 8.0% in the first quarter. Ancora Advisors LLC now owns 46,528 shares of the company’s stock worth $2,847,000 after buying an additional 3,435 shares during the last quarter. Coppell Advisory Solutions Corp. bought a new position in Coca-Cola in the 1st quarter valued at approximately $452,000. Hancock Whitney Corp increased its holdings in shares of Coca-Cola by 14.5% in the 1st quarter. Hancock Whitney Corp now owns 57,022 shares of the company’s stock worth $3,489,000 after purchasing an additional 7,226 shares in the last quarter. Pineridge Advisors LLC raised its stake in shares of Coca-Cola by 8.4% in the first quarter. Pineridge Advisors LLC now owns 2,265 shares of the company’s stock worth $139,000 after purchasing an additional 175 shares during the last quarter. Finally, XML Financial LLC boosted its position in shares of Coca-Cola by 7.1% during the first quarter. XML Financial LLC now owns 25,541 shares of the company’s stock valued at $1,563,000 after buying an additional 1,704 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

KO has been the topic of several research analyst reports. Cfra restated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Morgan Stanley decreased their target price on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Truist Financial raised their price target on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their target price on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Finally, Barclays reduced their price target on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Coca-Cola has a consensus rating of “Moderate Buy” and a consensus target price of $72.36.

Insider Transactions at Coca-Cola

In related news, CEO James Quincey sold 100,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the completion of the transaction, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.97% of the company’s stock.

Coca-Cola Stock Down 0.1 %

KO opened at $64.34 on Tuesday. The Coca-Cola Company has a fifty-two week low of $57.47 and a fifty-two week high of $73.53. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The stock has a market cap of $277.16 billion, a price-to-earnings ratio of 26.60, a price-to-earnings-growth ratio of 3.88 and a beta of 0.61. The firm’s fifty day moving average is $67.63 and its 200 day moving average is $66.58.

Coca-Cola (NYSE:KO) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03. The business had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The business’s revenue was down .8% on a year-over-year basis. During the same period in the previous year, the business earned $0.74 earnings per share. On average, sell-side analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Friday, November 29th. Coca-Cola’s payout ratio is currently 80.17%.

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.