Wallace Capital Management Inc. Sells 2,252 Shares of The Coca-Cola Company (NYSE:KO)

Wallace Capital Management Inc. reduced its position in The Coca-Cola Company (NYSE:KO) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,322 shares of the company’s stock after selling 2,252 shares during the quarter. Coca-Cola makes up 0.7% of Wallace Capital Management Inc.’s portfolio, making the stock its 21st largest holding. Wallace Capital Management Inc.’s holdings in Coca-Cola were worth $5,303,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of KO. Price T Rowe Associates Inc. MD lifted its holdings in shares of Coca-Cola by 21.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock worth $3,016,023,000 after acquiring an additional 8,733,326 shares during the period. Legal & General Group Plc raised its position in Coca-Cola by 2.9% in the second quarter. Legal & General Group Plc now owns 38,701,876 shares of the company’s stock worth $2,463,373,000 after purchasing an additional 1,084,475 shares in the last quarter. Vontobel Asset Management Inc. lifted its stake in Coca-Cola by 2.7% during the fourth quarter. Vontobel Asset Management Inc. now owns 14,337,691 shares of the company’s stock worth $890,866,000 after purchasing an additional 378,447 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Coca-Cola by 30.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,698,984 shares of the company’s stock valued at $776,924,000 after purchasing an additional 2,964,850 shares in the last quarter. Finally, Putnam Investments LLC grew its stake in shares of Coca-Cola by 32.8% in the 4th quarter. Putnam Investments LLC now owns 12,032,095 shares of the company’s stock valued at $709,051,000 after purchasing an additional 2,973,234 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Activity at Coca-Cola

In other news, CEO James Quincey sold 102,533 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total value of $7,179,360.66. Following the transaction, the chief executive officer now directly owns 442,546 shares in the company, valued at approximately $30,987,070.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Coca-Cola news, EVP Nancy Quan sold 19,304 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $64.96, for a total value of $1,253,987.84. Following the completion of the sale, the executive vice president now owns 223,330 shares of the company’s stock, valued at $14,507,516.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Quincey sold 102,533 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were 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 directly owns 442,546 shares of the company’s stock, valued at approximately $30,987,070.92. The disclosure for this sale can be found here. Insiders have sold 974,715 shares of company stock worth $579,704,927 over the last ninety days. Company insiders own 0.97% of the company’s stock.

Coca-Cola Stock Up 0.5 %

Shares of KO opened at $71.79 on Monday. The business’s fifty day moving average price is $69.82 and its two-hundred day moving average price is $64.77. The firm has a market capitalization of $309.27 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 3.97 and a beta of 0.60. The Coca-Cola Company has a 52 week low of $51.55 and a 52 week high of $73.53. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. The business had revenue of $12.40 billion for 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 quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.78 earnings per share. On average, analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th 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 2.70%. The ex-dividend date of this dividend is Friday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is 77.60%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on KO shares. Bank of America raised their target price on Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. StockNews.com cut Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Barclays boosted their target price on shares of Coca-Cola from $69.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Citigroup increased their target price on shares of Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, TD Cowen boosted their price target on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.07.

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.