Kovack Advisors Inc. Cuts Holdings in The Coca-Cola Company (NYSE:KO)

Kovack Advisors Inc. lessened its position in shares of The Coca-Cola Company (NYSE:KO) by 12.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 32,103 shares of the company’s stock after selling 4,392 shares during the period. Kovack Advisors Inc.’s holdings in Coca-Cola were worth $2,307,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in Coca-Cola by 21.5% in 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 purchasing an additional 8,733,326 shares in the last quarter. Legal & General Group Plc boosted 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 valued at $2,463,373,000 after buying an additional 1,084,475 shares during the last quarter. Truist Financial Corp raised its position in Coca-Cola by 1.1% during the 2nd quarter. Truist Financial Corp now owns 16,362,598 shares of the company’s stock worth $1,041,479,000 after buying an additional 177,241 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Coca-Cola by 1.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,793,323 shares of the company’s stock valued at $847,468,000 after acquiring an additional 222,028 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Coca-Cola by 15.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 10,433,875 shares of the company’s stock valued at $638,344,000 after acquiring an additional 1,417,930 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Coca-Cola Price Performance

NYSE:KO traded down $0.17 during trading hours on Wednesday, hitting $63.03. 2,558,202 shares of the stock were exchanged, compared to its average volume of 13,246,376. The company has a market cap of $271.52 billion, a P/E ratio of 26.12, a P/E/G ratio of 3.85 and a beta of 0.61. The firm’s fifty day moving average price is $69.18 and its 200 day moving average price is $66.53. The Coca-Cola Company has a 52-week low of $56.70 and a 52-week high of $73.53. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The firm had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. During the same period in the prior year, the company earned $0.74 EPS. The firm’s revenue was down .8% compared to the same quarter last year. As a group, equities research analysts anticipate that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.485 per share. The ex-dividend date is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a yield of 3.08%. Coca-Cola’s payout ratio is presently 80.17%.

Insider Activity

In related news, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $15,968,095. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Coca-Cola news, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lisa Chang sold 40,334 shares of Coca-Cola stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $69.54, for a total transaction of $2,804,826.36. Following the sale, the executive vice president now directly owns 74,067 shares in the company, valued at approximately $5,150,619.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 303,748 shares of company stock worth $20,677,431 over the last ninety days. Corporate insiders own 0.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on KO. Deutsche Bank Aktiengesellschaft upped their price target on shares of Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Citigroup lifted their price target on Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Hsbc Global Res upgraded Coca-Cola to a “strong-buy” rating in a research report on Friday, September 27th. Barclays decreased their target price on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Finally, Royal Bank of Canada raised their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.80.

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.