The Coca-Cola Company (NYSE:KO) Shares Sold by Wright Investors Service Inc.

Wright Investors Service Inc. lessened its position in shares of The Coca-Cola Company (NYSE:KO) by 2.4% in the third quarter, HoldingsChannel.com reports. The firm owned 125,845 shares of the company’s stock after selling 3,148 shares during the quarter. Coca-Cola accounts for approximately 2.4% of Wright Investors Service Inc.’s portfolio, making the stock its 8th biggest holding. Wright Investors Service Inc.’s holdings in Coca-Cola were worth $9,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. New Millennium Group LLC acquired a new stake in Coca-Cola during the 2nd quarter valued at approximately $26,000. Quarry LP acquired a new stake in shares of Coca-Cola during the 2nd quarter worth approximately $27,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Coca-Cola during the 1st quarter worth approximately $28,000. ESL Trust Services LLC acquired a new stake in shares of Coca-Cola during the 1st quarter worth approximately $28,000. Finally, DiNuzzo Private Wealth Inc. grew its position in shares of Coca-Cola by 65.0% during the 1st quarter. DiNuzzo Private Wealth Inc. now owns 523 shares of the company’s stock worth $32,000 after buying an additional 206 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Buying and Selling

In related news, insider Bruno Pietracci sold 38,653 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $69.01, for a total transaction of $2,667,443.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Nancy Quan sold 37,787 shares of Coca-Cola stock in a transaction on Friday, July 26th. The stock was sold at an average price of $66.96, for a total value of $2,530,217.52. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $14,954,176.80. This trade represents 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. Also, insider Bruno Pietracci sold 38,653 shares of Coca-Cola stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The disclosure for this sale can be found here. In the last three months, insiders sold 376,096 shares of company stock valued at $25,982,352. Insiders own 0.97% of the company’s stock.

Coca-Cola Stock Performance

KO traded down $0.35 during midday trading on Friday, reaching $70.17. The company had a trading volume of 12,687,289 shares, compared to its average volume of 13,277,112. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.39. The business has a 50-day moving average of $70.35 and a two-hundred day moving average of $65.12. The company has a market cap of $302.29 billion, a P/E ratio of 28.07, a P/E/G ratio of 3.97 and a beta of 0.60. The Coca-Cola Company has a 1 year low of $51.55 and a 1 year high of $73.53.

Coca-Cola (NYSE:KO) last released its earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. The firm had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.78 earnings per share. As a group, equities research analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Friday, September 13th. Coca-Cola’s dividend payout ratio is currently 77.60%.

Wall Street Analyst Weigh In

KO has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Bank of America raised their price objective on Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Cfra reiterated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Wells Fargo & Company lifted their target price on Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Finally, Citigroup lifted their target price on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Five equities 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.07.

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.