Summit Financial LLC Has $6.09 Million Stake in The Coca-Cola Company (NYSE:KO)

Summit Financial LLC increased its position in The Coca-Cola Company (NYSE:KO) by 11.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 97,757 shares of the company’s stock after acquiring an additional 10,005 shares during the period. Summit Financial LLC’s holdings in Coca-Cola were worth $6,086,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rice Partnership LLC increased its holdings in shares of Coca-Cola by 7.1% during the 4th quarter. Rice Partnership LLC now owns 102,746 shares of the company’s stock valued at $6,397,000 after acquiring an additional 6,793 shares during the last quarter. Fiduciary Alliance LLC boosted its position in Coca-Cola by 87.7% during the fourth quarter. Fiduciary Alliance LLC now owns 18,189 shares of the company’s stock worth $1,132,000 after purchasing an additional 8,499 shares during the period. Wellington Management Group LLP grew its holdings in Coca-Cola by 14.5% during the third quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company’s stock valued at $2,271,885,000 after purchasing an additional 4,013,996 shares during the last quarter. Clark & Stuart Inc bought a new position in shares of Coca-Cola in the fourth quarter valued at approximately $1,582,000. Finally, Wilmington Savings Fund Society FSB raised its position in shares of Coca-Cola by 222.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 192,237 shares of the company’s stock valued at $13,814,000 after purchasing an additional 132,701 shares during the period. Institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on KO shares. Piper Sandler raised their target price on shares of Coca-Cola from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft raised Coca-Cola from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $68.00 to $70.00 in a research report on Thursday, December 12th. TD Cowen raised Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Wednesday, January 8th. Evercore ISI upped their price target on Coca-Cola from $72.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Barclays raised their price objective on shares of Coca-Cola from $66.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $74.24.

Coca-Cola Price Performance

Coca-Cola stock opened at $70.36 on Monday. The business has a 50 day simple moving average of $67.77 and a 200 day simple moving average of $66.38. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The company has a market capitalization of $302.80 billion, a PE ratio of 28.49, a price-to-earnings-growth ratio of 3.79 and a beta of 0.57. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84.

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

Coca-Cola Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders 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. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.90%. Coca-Cola’s dividend payout ratio (DPR) is presently 82.59%.

Insider Transactions at Coca-Cola

In other news, insider Nikolaos Koumettis sold 54,708 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $70.96, for a total transaction of $3,882,079.68. Following the transaction, the insider now directly owns 246,909 shares in the company, valued at approximately $17,520,662.64. This represents a 18.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bruno Pietracci sold 19,058 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $70.56, for a total transaction of $1,344,732.48. The disclosure for this sale can be found here. Insiders have sold 313,423 shares of company stock valued at $22,263,071 in the last three months. 0.97% of the stock is owned by corporate insiders.

Coca-Cola 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.