Prio Wealth Limited Partnership Sells 6,148 Shares of The Coca-Cola Company (NYSE:KO)

21 Oct 2024, 11:32 by Doug Wharley · The Cerbat Gem

Prio Wealth Limited Partnership reduced its position in shares of The Coca-Cola Company (NYSE:KO – Free Report) by 5.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,045 shares of the company’s stock after selling 6,148 shares during the period. Prio Wealth Limited Partnership’s holdings in Coca-Cola were worth $7,836,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Swedbank AB bought a new stake in Coca-Cola in the first quarter worth about $102,604,000. BDF Gestion bought a new stake in Coca-Cola in the second quarter worth about $7,421,000. Duality Advisers LP raised its position in Coca-Cola by 191.1% in the first quarter. Duality Advisers LP now owns 111,851 shares of the company’s stock worth $6,843,000 after acquiring an additional 73,434 shares during the period. TD Asset Management Inc raised its position in Coca-Cola by 0.7% in the first quarter. TD Asset Management Inc now owns 2,935,238 shares of the company’s stock worth $179,578,000 after acquiring an additional 20,048 shares during the period. Finally, New Mexico Educational Retirement Board raised its position in Coca-Cola by 11.6% in the first quarter. New Mexico Educational Retirement Board now owns 226,020 shares of the company’s stock worth $14,013,000 after acquiring an additional 23,500 shares during the period. 70.26% of the stock is owned by institutional investors.

Coca-Cola Price Performance

KO stock traded down $0.87 during midday trading on Monday, reaching $69.57. The company had a trading volume of 3,737,642 shares, compared to its average volume of 13,116,974. 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 1 year low of $54.04 and a 1 year high of $73.53. The company has a market capitalization of $299.70 billion, a P/E ratio of 27.90, a P/E/G ratio of 3.92 and a beta of 0.60. The firm has a 50-day moving average price of $70.70 and a 200-day moving average price of $65.80.

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

Coca-Cola Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.79%. Coca-Cola’s payout ratio is 77.60%.

Wall Street Analyst Weigh In

Several brokerages have commented on KO. Bank of America lifted their price objective on shares of Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Cfra reiterated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Royal Bank of Canada lifted their target price on shares of Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Five research 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $72.00.

Check Out Our Latest Research Report on Coca-Cola

Insider Transactions at Coca-Cola

In other news, EVP Nancy Quan sold 18,482 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $68.95, for a total value of $1,274,333.90. Following the completion of the sale, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $15,398,603.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO James Quincey sold 102,533 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the completion of the sale, the chief executive officer now directly owns 442,546 shares in the company, valued at $30,987,070.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nancy Quan sold 18,482 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $15,398,603.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 356,792 shares of company stock worth $24,728,364. 0.97% of the stock is currently owned by insiders.

About Coca-Cola

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