Griffin Asset Management Inc. Sells 2,766 Shares of The Coca-Cola Company (NYSE:KO)

Griffin Asset Management Inc. lessened its holdings in shares of The Coca-Cola Company (NYSE:KO) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 157,411 shares of the company’s stock after selling 2,766 shares during the period. Coca-Cola accounts for approximately 1.2% of Griffin Asset Management Inc.’s holdings, making the stock its 29th biggest position. Griffin Asset Management Inc.’s holdings in Coca-Cola were worth $9,800,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in KO. Quarry LP purchased a new stake in shares of Coca-Cola during the 2nd quarter valued at about $27,000. Hara Capital LLC bought a new stake in Coca-Cola in the third quarter worth $35,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Coca-Cola during the third quarter valued at $36,000. Retirement Wealth Solutions LLC bought a new position in Coca-Cola in the fourth quarter worth approximately $37,000. Finally, MidAtlantic Capital Management Inc. bought a new position in Coca-Cola during the 3rd quarter worth about $43,000. 70.26% of the stock is owned by institutional investors.

Coca-Cola Stock Performance

NYSE:KO opened at $63.84 on Tuesday. The company’s 50-day moving average is $62.62 and its two-hundred day moving average is $66.41. The Coca-Cola Company has a 1-year low of $57.93 and a 1-year high of $73.53. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The firm has a market capitalization of $275.03 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 3.38 and a beta of 0.61.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. UBS Group cut their price target on shares of Coca-Cola from $82.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and increased their price target for the stock from $68.00 to $70.00 in a report on Thursday, December 12th. TD Cowen raised shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Wednesday, January 8th. Piper Sandler cut their price objective on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Finally, 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 report on Thursday, October 24th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.07.

Insider Activity at Coca-Cola

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the transaction, the chief executive officer now owns 342,546 shares of the company’s stock, valued at $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.97% of the stock is currently owned by 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.