The Coca-Cola Company (NYSE:KO) Shares Sold by SouthState Corp

SouthState Corp trimmed its holdings in The Coca-Cola Company (NYSE:KO) by 2.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,502 shares of the company’s stock after selling 7,214 shares during the quarter. Coca-Cola comprises approximately 1.8% of SouthState Corp’s portfolio, making the stock its 12th largest holding. SouthState Corp’s holdings in Coca-Cola were worth $20,537,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. ZRC Wealth Management LLC grew its position in Coca-Cola by 213.3% during the fourth quarter. ZRC Wealth Management LLC now owns 470 shares of the company’s stock worth $26,000 after buying an additional 320 shares during the period. Criterion Capital Advisors LLC acquired a new position in shares of Coca-Cola in the 4th quarter worth approximately $30,000. Financial Connections Group Inc. purchased a new position in Coca-Cola during the fourth quarter valued at approximately $38,000. Avion Wealth lifted its stake in shares of Coca-Cola by 64.8% in the fourth quarter. Avion Wealth now owns 819 shares of the company’s stock worth $48,000 after buying an additional 322 shares during the last quarter. Finally, Clear Investment Research LLC raised its stake in shares of Coca-Cola by 36.1% in the 3rd quarter. Clear Investment Research LLC now owns 928 shares of the company’s stock valued at $52,000 after buying an additional 246 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Nancy Quan sold 57,368 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total transaction of $3,491,990.16. Following the completion of the sale, the executive vice president now owns 223,330 shares in the company, valued at approximately $13,594,097.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Coca-Cola news, CEO James Quincey sold 247,188 shares of Coca-Cola stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total value of $15,063,636.72. Following the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $26,968,753.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Nancy Quan sold 57,368 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total value of $3,491,990.16. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at $13,594,097.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 323,107 shares of company stock valued at $19,657,742. Insiders own 0.97% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. UBS Group upped their price objective on shares of Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday. Evercore ISI raised their price target on shares of Coca-Cola from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Coca-Cola from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Wednesday. Citigroup increased their target price on shares of Coca-Cola from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Finally, Barclays lifted their target price on shares of Coca-Cola from $68.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.27.

Coca-Cola Stock Up 0.1 %

Shares of KO traded up $0.06 during trading hours on Thursday, hitting $61.99. The stock had a trading volume of 10,979,472 shares, compared to its average volume of 14,049,305. The firm has a market capitalization of $267.25 billion, a P/E ratio of 24.88, a price-to-earnings-growth ratio of 3.53 and a beta of 0.57. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.04 and a quick ratio of 0.95. The Coca-Cola Company has a 1-year low of $51.55 and a 1-year high of $64.25. The firm has a 50 day simple moving average of $60.21 and a 200-day simple moving average of $59.04.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.02. Coca-Cola had a net margin of 23.41% and a return on equity of 42.74%. The business had revenue of $11.30 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same period in the prior year, the business posted $0.68 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. Sell-side analysts predict that The Coca-Cola Company will post 2.81 EPS for the current fiscal year.

Coca-Cola Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a $0.485 dividend. This is an increase from Coca-Cola’s previous quarterly dividend of $0.46. This represents a $1.94 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Thursday, March 14th. Coca-Cola’s dividend payout ratio is currently 77.60%.

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.