Tradewinds Capital Management LLC has reduced its stake in the Coca-Cola Company (NYSE: KO) by 14.1% during the second quarter of 2023. This adjustment, disclosed in a recent filing with the Securities and Exchange Commission (SEC), leaves Tradewinds with 976 shares of Coca-Cola, valued at approximately $69,000. The reduction involved the sale of 160 shares during the quarter.
This shift is part of a broader trend among institutional investors, with several entities adjusting their positions in Coca-Cola. Notably, MorganRosel Wealth Management LLC acquired a new stake worth $25,000 in the first quarter, while 1248 Management LLC and Garde Capital Inc. added new positions valued at $26,000 and $30,000, respectively. Furthermore, Mizuho Securities Co. Ltd. significantly increased its holdings by 360%, bringing its total to 460 shares valued at $33,000. Meanwhile, Ridgewood Investments LLC raised its stake by 148.4%, now owning 477 shares worth $34,000. Currently, approximately 70.26% of Coca-Cola’s stock is held by hedge funds and institutional investors.
Coca-Cola Stock Performance and Market Insights
As of the latest trading session, Coca-Cola shares opened at $68.45. The stock has experienced a 52-week range, with a low of $60.62 and a high of $74.38. The company’s market capitalization stands at $294.60 billion, and it has a price-to-earnings (P/E) ratio of 24.27. Analysts have noted a price-to-earnings growth (PEG) ratio of 3.52 and a beta of 0.43. The company’s liquidity ratios include a quick ratio of 0.98, a current ratio of 1.21, and a debt-to-equity ratio of 1.49.
Coca-Cola also recently announced a quarterly dividend of $0.51, to be paid out on December 15, 2023. Investors who hold shares as of December 1, 2023 will be eligible for this dividend, which translates to an annualized payout of $2.04 and a yield of 3.0%. The company’s payout ratio currently stands at 72.34%.
Analyst Ratings and Insider Activity
Analysts have varied opinions on Coca-Cola’s stock. The Royal Bank of Canada set a target price of $76.00 and rated the stock as “outperform.” Similarly, JPMorgan Chase & Co. raised its price target from $77.00 to $79.00 and assigned an “overweight” rating. Conversely, Wells Fargo & Company lowered its target from $78.00 to $75.00, maintaining an “overweight” rating. The consensus among analysts indicates a strong buy, with one analyst assigning a “Strong Buy” rating and fourteen giving a “Buy” rating. The average consensus price target is currently $76.69.
In related corporate news, insider Nikolaos Koumettis sold 37,396 shares of Coca-Cola on August 5, 2023, at an average price of $69.10, totaling approximately $2,584,063.60. Following this transaction, Koumettis holds 209,513 shares valued at about $14,477,348.30, representing a decrease of 15.15% in his holdings. Corporate insiders collectively own 0.97% of the company’s stock.
The Coca-Cola Company, a leader in the beverage industry, produces a wide range of non-alcoholic beverages, including sparkling soft drinks, juices, and plant-based drinks. The company continues to adapt to market trends while maintaining a strong investor base.
