First City Capital Management Inc. Has $7.02 Million Stake in The Coca-Cola Company (NYSE:KO)

First City Capital Management Inc. boosted its holdings in The Coca-Cola Company (NYSE:KO) by 0.7% in the third quarter, Holdings Channel reports. The institutional investor owned 97,635 shares of the company’s stock after acquiring an additional 633 shares during the quarter. Coca-Cola accounts for approximately 3.6% of First City Capital Management Inc.’s investment portfolio, making the stock its 5th biggest holding. First City Capital Management Inc.’s holdings in Coca-Cola were worth $7,016,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of KO. Harvest Portfolios Group Inc. bought a new stake in shares of Coca-Cola during the 3rd quarter valued at $18,383,000. Balentine LLC grew its holdings in Coca-Cola by 92.4% during the 3rd quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after buying an additional 13,685 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its holdings in shares of Coca-Cola by 104.9% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock worth $8,351,000 after buying an additional 59,503 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Coca-Cola by 5.8% in the third quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock valued at $61,122,000 after acquiring an additional 46,541 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in Coca-Cola by 4.8% during the third quarter. State of Alaska Department of Revenue now owns 457,782 shares of the company’s stock valued at $32,895,000 after acquiring an additional 21,005 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Coca-Cola Price Performance

KO stock opened at $61.85 on Tuesday. The firm has a market cap of $266.44 billion, a P/E ratio of 25.56, a P/E/G ratio of 3.75 and a beta of 0.61. The firm’s fifty day moving average is $68.43 and its 200 day moving average is $66.54. The Coca-Cola Company has a 52 week low of $56.96 and a 52 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.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.03. The business had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The company’s revenue was down .8% on a year-over-year basis. During the same period in the prior year, the business posted $0.74 earnings per share. Research analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current 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 paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is presently 80.17%.

Insider Buying and Selling at Coca-Cola

In related news, CEO James Quincey sold 102,533 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the completion of the transaction, the chief executive officer now owns 442,546 shares in the company, valued at $30,987,070.92. This represents a 18.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $15,968,095. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 303,748 shares of company stock valued at $20,677,431 in the last quarter. Company insiders own 0.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company raised their price target on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Morgan Stanley dropped their price objective on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Hsbc Global Res upgraded Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Deutsche Bank Aktiengesellschaft lifted their price target on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Finally, Truist Financial upped their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.36.

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.