Kingsview Wealth Management LLC has increased its stake in the Coca-Cola Company (NYSE: KO) by 12.0% during the third quarter of 2023, as detailed in its latest filing with the Securities and Exchange Commission. The firm now holds 135,162 shares after acquiring an additional 14,505 shares during this period. At the close of the most recent reporting period, Kingsview’s holdings in Coca-Cola were valued at approximately $8,964,000.
Several other institutional investors have also adjusted their positions in the company. For instance, Headlands Technologies LLC purchased a new position in Coca-Cola in the second quarter, estimated at around $26,000. Similarly, Marquette Asset Management LLC and Cloud Capital Management LLC each acquired new stakes valued at $27,000 in the third quarter. Redmont Wealth Advisors LLC and MMA Asset Management LLC added new positions during the same timeframe, valued at $30,000 and $34,000 respectively. Currently, institutional investors and hedge funds collectively own 70.26% of Coca-Cola’s stock.
Stock Performance and Financial Highlights
As of Tuesday, Coca-Cola shares opened at $80.21. The company’s financial ratios indicate a quick ratio of 1.25, a current ratio of 1.46, and a debt-to-equity ratio of 1.23. Over the past year, Coca-Cola’s stock has fluctuated, reaching a low of $65.35 and a high of $82.00. The fifty-day moving average stands at $74.23, while the 200-day moving average is $70.90. With a market capitalization of $344.96 billion, Coca-Cola has a price-to-earnings ratio of 26.38 and a price-to-earnings-growth ratio of 3.42, alongside a beta of 0.35.
Additionally, Coca-Cola recently announced an increase in its quarterly dividend, which is set to be paid on April 1, 2024. Shareholders recorded on March 13, 2024 will receive a dividend of $0.53, up from the previous $0.51. This change reflects an annualized dividend of $2.12 and a yield of 2.6%, with a current dividend payout ratio of 67.11%.
Analyst Ratings and Insider Activity
Coca-Cola has received positive attention from analysts, with various firms updating their price targets. Royal Bank of Canada set a price objective of $87.00 on February 11, 2024. UBS Group followed suit, raising its target from $82.00 to $87.00 and assigning a “buy” rating. Bank of America increased its price objective from $78.00 to $80.00, and Barclays raised their target from $77.00 to $83.00. Deutsche Bank reaffirmed a “buy” rating with a target price of $83.00. Currently, one analyst has rated Coca-Cola with a Strong Buy, while fifteen others have assigned a Buy rating, leading to an average rating of “Buy” and an average target price of $84.33 according to MarketBeat.
In terms of insider trading, Executive Vice President Monica Howard Douglas sold 20,000 shares on February 25, 2024, at an average price of $80.16, totaling approximately $1,603,200. Following this transaction, she retains 57,532 shares valued at about $4,611,765, reflecting a 25.80% decrease in her position. In another notable transaction, CEO James Quincey sold 337,824 shares on February 3, 2024, for approximately $26,046,230. After this sale, he owned 342,546 shares, valued at around $26,410,297, marking a 49.65% decrease in his ownership.
Over the last ninety days, insiders have sold a total of 493,587 shares amounting to $38,577,228. Currently, company insiders hold 0.90% of Coca-Cola’s stock.
Coca-Cola Company, headquartered in Atlanta, Georgia, is a leading global beverage manufacturer, known primarily for its flagship Coca-Cola soda. The company develops and markets a diverse range of beverages, including sparkling soft drinks, bottled water, sports drinks, juices, ready-to-drink teas and coffees, and various still beverages, under both global and regional brand names. Notable brands in Coca-Cola’s portfolio include Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Sprite, Fanta, Minute Maid, Powerade, and Dasani. The company has also expanded into the coffee and premium beverage sectors through acquisitions such as Costa Coffee.
For more detailed stock analysis and updates on Coca-Cola, interested parties can visit HoldingsChannel.com for the latest 13F filings and insider trades related to the company.
