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

SouthState Corp lowered its stake in shares of The Coca-Cola Company (NYSE:KO) by 1.2% during the third quarter, HoldingsChannel.com reports. The firm owned 339,304 shares of the company’s stock after selling 4,011 shares during the period. Coca-Cola comprises approximately 1.7% of SouthState Corp’s holdings, making the stock its 12th biggest holding. SouthState Corp’s holdings in Coca-Cola were worth $24,382,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of KO. Lake Street Advisors Group LLC grew its holdings in Coca-Cola by 60.8% during the 1st quarter. Lake Street Advisors Group LLC now owns 26,361 shares of the company’s stock valued at $1,626,000 after purchasing an additional 9,968 shares in the last quarter. Ossiam grew its holdings in Coca-Cola by 157.0% during the 1st quarter. Ossiam now owns 175,804 shares of the company’s stock worth $10,756,000 after acquiring an additional 107,393 shares in the last quarter. Evermay Wealth Management LLC grew its holdings in Coca-Cola by 4.0% during the 1st quarter. Evermay Wealth Management LLC now owns 8,519 shares of the company’s stock worth $525,000 after acquiring an additional 329 shares in the last quarter. Elgethun Capital Management grew its holdings in Coca-Cola by 7.3% during the 1st quarter. Elgethun Capital Management now owns 10,485 shares of the company’s stock worth $638,000 after acquiring an additional 710 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new position in Coca-Cola during the 1st quarter worth $169,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Coca-Cola Stock Performance

Shares of KO opened at $61.85 on Tuesday. The company’s 50 day moving average price is $68.43 and its 200 day moving average price 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 market capitalization of $266.44 billion, a PE ratio of 25.56, a PEG ratio of 3.75 and a beta of 0.61. 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 earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. The firm had revenue of $11.85 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company earned $0.74 earnings per share. Research analysts expect that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is presently 80.17%.

Insider Transactions at Coca-Cola

In other news, 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 value of $1,321,606.00. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Quincey sold 102,533 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $30,987,070.92. The trade was a 18.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 303,748 shares of company stock worth $20,677,431. 0.97% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on KO shares. Wells Fargo & Company lifted 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 cut their price objective on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Barclays 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 report on Friday, October 25th. TD Cowen boosted their price target on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Finally, Truist Financial boosted their price target 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 research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Coca-Cola has an average rating of “Moderate Buy” and a consensus price target 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.