Steel Grove Capital Advisors LLC Cuts Position in The Coca-Cola Company (NYSE:KO)

Steel Grove Capital Advisors LLC reduced its holdings in The Coca-Cola Company (NYSE:KO) by 15.6% during the 2nd quarter, Holdings Channel reports. The firm owned 76,834 shares of the company’s stock after selling 14,154 shares during the quarter. Coca-Cola makes up about 0.7% of Steel Grove Capital Advisors LLC’s holdings, making the stock its 18th largest holding. Steel Grove Capital Advisors LLC’s holdings in Coca-Cola were worth $4,891,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Gilbert & Cook Inc. lifted its holdings in Coca-Cola by 5.6% in the 4th quarter. Gilbert & Cook Inc. now owns 15,971 shares of the company’s stock valued at $941,000 after purchasing an additional 841 shares in the last quarter. Accretive Wealth Partners LLC lifted its stake in Coca-Cola by 1.4% in the 4th quarter. Accretive Wealth Partners LLC now owns 25,843 shares of the company’s stock worth $1,523,000 after purchasing an additional 351 shares in the last quarter. Aveo Capital Partners LLC boosted its holdings in shares of Coca-Cola by 13.9% during the 4th quarter. Aveo Capital Partners LLC now owns 9,709 shares of the company’s stock worth $572,000 after purchasing an additional 1,182 shares during the last quarter. Gryphon Financial Partners LLC increased its holdings in shares of Coca-Cola by 72.0% in the fourth quarter. Gryphon Financial Partners LLC now owns 17,973 shares of the company’s stock valued at $1,034,000 after purchasing an additional 7,521 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in Coca-Cola by 13.9% during the fourth quarter. Westfield Capital Management Co. LP now owns 167,638 shares of the company’s stock worth $9,879,000 after purchasing an additional 20,453 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

Coca-Cola Price Performance

KO stock opened at $71.64 on Monday. The business has a 50 day simple moving average of $69.13 and a 200-day simple moving average of $64.37. The company has a market capitalization of $308.62 billion, a P/E ratio of 28.66, a PEG ratio of 3.93 and a beta of 0.60. The Coca-Cola Company has a twelve month low of $51.55 and a twelve month high of $73.53. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39.

Coca-Cola (NYSE:KO) last announced its earnings results on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, beating 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 period in the prior year, the company earned $0.78 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts anticipate that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Friday, September 13th. Coca-Cola’s dividend payout ratio is presently 77.60%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on KO shares. Wells Fargo & Company raised their price target on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Truist Financial raised their price objective on Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. BNP Paribas initiated coverage on shares of Coca-Cola in a research note on Monday, June 24th. They issued an “outperform” rating and a $72.00 price target for the company. Royal Bank of Canada lifted their target price on Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, Citigroup upped their price target on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Coca-Cola presently has a consensus rating of “Moderate Buy” and an average target price of $71.07.

Insider Activity at Coca-Cola

In other news, major shareholder Cola Co Coca sold 598,619 shares of Coca-Cola stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $925.00, for a total value of $553,722,575.00. Following the sale, the insider now owns 1,883,546 shares of the company’s stock, valued at $1,742,280,050. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Coca-Cola news, insider Bruno Pietracci sold 38,653 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were 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 SEC, which is available through this hyperlink. Also, major shareholder Cola Co Coca sold 598,619 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total value of $553,722,575.00. Following the completion of the sale, the insider now owns 1,883,546 shares in the company, valued at approximately $1,742,280,050. The disclosure for this sale can be found here. Insiders have sold a total of 974,715 shares of company stock worth $579,704,927 in the last three months. Insiders own 0.97% of the company’s stock.

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.