Summit Financial LLC Decreases Stock Holdings in The Coca-Cola Company (NYSE:KO)

Summit Financial LLC reduced its position in shares of The Coca-Cola Company (NYSE:KO) by 3.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 43,317 shares of the company’s stock after selling 1,514 shares during the period. Summit Financial LLC’s holdings in Coca-Cola were worth $2,553,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Great Valley Advisor Group Inc. raised its stake in Coca-Cola by 21.6% during the 4th quarter. Great Valley Advisor Group Inc. now owns 73,390 shares of the company’s stock worth $4,325,000 after acquiring an additional 13,051 shares in the last quarter. Searle & CO. raised its holdings in shares of Coca-Cola by 41.7% in the fourth quarter. Searle & CO. now owns 12,717 shares of the company’s stock valued at $749,000 after buying an additional 3,742 shares during the last quarter. RB Capital Management LLC raised its holdings in shares of Coca-Cola by 0.6% in the fourth quarter. RB Capital Management LLC now owns 50,312 shares of the company’s stock valued at $2,965,000 after buying an additional 283 shares during the last quarter. Concord Wealth Partners raised its holdings in shares of Coca-Cola by 33.9% in the fourth quarter. Concord Wealth Partners now owns 43,295 shares of the company’s stock valued at $2,551,000 after buying an additional 10,954 shares during the last quarter. Finally, ICW Investment Advisors LLC raised its holdings in Coca-Cola by 1.8% during the fourth quarter. ICW Investment Advisors LLC now owns 33,917 shares of the company’s stock worth $1,999,000 after purchasing an additional 587 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Price Performance

Shares of KO stock traded up $0.15 during midday trading on Wednesday, reaching $61.92. 16,729,898 shares of the company were exchanged, compared to its average volume of 14,085,831. The Coca-Cola Company has a 12 month low of $51.55 and a 12 month high of $64.25. The company has a market cap of $266.95 billion, a P/E ratio of 25.10, a PEG ratio of 3.54 and a beta of 0.59. The company’s 50 day moving average price is $60.19 and its two-hundred day moving average price is $59.02. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.95 and a current ratio of 1.13.

Coca-Cola (NYSE:KO) last released its earnings results on Tuesday, April 30th. The company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. Coca-Cola had a net margin of 23.42% and a return on equity of 42.50%. The business had revenue of $11.30 billion for the quarter, compared to the consensus estimate of $11.01 billion. During the same period in the previous year, the firm earned $0.68 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts expect that The Coca-Cola Company will post 2.81 earnings per share for the current year.

Coca-Cola Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.485 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Coca-Cola’s previous quarterly dividend of $0.46. This represents a $1.94 dividend on an annualized basis and a yield of 3.13%. Coca-Cola’s payout ratio is presently 78.23%.

Analysts Set New Price Targets

Several research firms recently issued reports on KO. UBS Group increased their price target on shares of Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Wednesday. Citigroup increased their target price on shares of Coca-Cola from $67.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Evercore ISI increased their target price on shares of Coca-Cola from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Barclays increased their target price on shares of Coca-Cola from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Coca-Cola currently has an average rating of “Moderate Buy” and a consensus target price of $68.18.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $60.94, for a total transaction of $15,063,636.72. Following the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at $26,968,753.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Coca-Cola news, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $60.94, for a total value of $15,063,636.72. Following the completion of the sale, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at $26,968,753.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nancy Quan sold 57,368 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $60.87, for a total transaction of $3,491,990.16. Following the completion of the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $13,594,097.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 323,107 shares of company stock valued at $19,657,742. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola 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.