Lummis Asset Management LP Trims Stake in The Coca-Cola Company (NYSE:KO)

Lummis Asset Management LP lessened its holdings in shares of The Coca-Cola Company (NYSE:KO) by 1.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,675 shares of the company’s stock after selling 230 shares during the period. Coca-Cola comprises approximately 1.2% of Lummis Asset Management LP’s investment portfolio, making the stock its 24th biggest position. Lummis Asset Management LP’s holdings in Coca-Cola were worth $914,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. FMR LLC grew its holdings in shares of Coca-Cola by 13.7% in the third quarter. FMR LLC now owns 92,961,376 shares of the company’s stock worth $6,680,205,000 after purchasing an additional 11,206,995 shares during the last quarter. Geode Capital Management LLC raised its position in Coca-Cola by 3.3% during the 3rd quarter. Geode Capital Management LLC now owns 92,957,028 shares of the company’s stock valued at $6,664,005,000 after purchasing an additional 2,966,964 shares in the last quarter. Legal & General Group Plc raised its position in Coca-Cola by 2.9% during the 2nd quarter. Legal & General Group Plc now owns 38,701,876 shares of the company’s stock valued at $2,463,373,000 after purchasing an additional 1,084,475 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Coca-Cola by 14.5% during the 3rd quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company’s stock worth $2,271,885,000 after buying an additional 4,013,996 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Coca-Cola by 6.1% in the third quarter. Franklin Resources Inc. now owns 27,984,953 shares of the company’s stock valued at $1,990,407,000 after acquiring an additional 1,609,565 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. TD Cowen upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Wednesday, January 8th. Barclays cut their price objective on shares of Coca-Cola from $73.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday. Truist Financial boosted their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Wells Fargo & Company dropped their target price on Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Morgan Stanley reduced their price target on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.13.

Insiders Place Their Bets

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the completion of the transaction, the chief executive officer now owns 342,546 shares in the company, valued at approximately $21,933,220.38. This trade represents a 22.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.97% of the stock is currently owned by insiders.

Coca-Cola Price Performance

Shares of KO opened at $62.76 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The company’s fifty day moving average price is $62.71 and its 200-day moving average price is $66.41. The Coca-Cola Company has a 1-year low of $57.93 and a 1-year high of $73.53. The firm has a market capitalization of $270.34 billion, a PE ratio of 25.93, a price-to-earnings-growth ratio of 3.35 and a beta of 0.61.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share 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 business had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. During the same quarter in the previous year, the business earned $0.74 EPS. The company’s quarterly revenue was down .8% compared to the same quarter last year. On average, equities research analysts predict that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Company 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.