Summit Global Investments Sells 50,733 Shares of The Coca-Cola Company (NYSE:KO)

Summit Global Investments lessened its holdings in shares of The Coca-Cola Company (NYSE:KO) by 36.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,121 shares of the company’s stock after selling 50,733 shares during the period. Summit Global Investments’ holdings in Coca-Cola were worth $5,486,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of KO. Mainstream Capital Management LLC bought a new stake in shares of Coca-Cola during the 4th quarter valued at $31,000. Retirement Wealth Solutions LLC purchased a new position in shares of Coca-Cola in the 4th quarter worth about $37,000. MilWealth Group LLC purchased a new position in shares of Coca-Cola in the 4th quarter worth about $40,000. Sugar Maple Asset Management LLC purchased a new position in shares of Coca-Cola in the 4th quarter worth about $43,000. Finally, Hara Capital LLC raised its position in shares of Coca-Cola by 43.7% in the 4th quarter. Hara Capital LLC now owns 691 shares of the company’s stock worth $43,000 after purchasing an additional 210 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Coca-Cola Stock Down 1.6 %

NYSE KO opened at $68.58 on Friday. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.84 and a current ratio of 1.03. The company has a market capitalization of $295.12 billion, a P/E ratio of 27.76, a P/E/G ratio of 3.79 and a beta of 0.57. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The stock has a 50 day moving average price of $67.00 and a 200-day moving average price of $66.52.

Coca-Cola (NYSE:KO) last posted its earnings results on Tuesday, February 11th. The company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. As a group, equities analysts predict that The Coca-Cola Company will post 2.96 EPS for the current fiscal year.

Coca-Cola Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.97%. The ex-dividend date is Friday, March 14th. This is a positive change from Coca-Cola’s previous quarterly dividend of $0.49. Coca-Cola’s dividend payout ratio is presently 82.59%.

Insider Activity at Coca-Cola

In other Coca-Cola news, CEO James Quincey sold 145,435 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $71.01, for a total value of $10,327,339.35. Following the sale, the chief executive officer now owns 342,546 shares in the company, valued at $24,324,191.46. This trade represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nikolaos Koumettis sold 54,708 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $70.96, for a total value of $3,882,079.68. Following the completion of the sale, the insider now owns 246,909 shares in the company, valued at approximately $17,520,662.64. The trade was a 18.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 313,423 shares of company stock worth $22,263,071. Company insiders own 0.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised Coca-Cola from a “hold” rating to a “buy” rating and boosted their target price for the stock from $68.00 to $70.00 in a research report on Thursday, December 12th. DZ Bank raised Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Thursday, February 13th. UBS Group boosted their target price on Coca-Cola from $72.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. TD Cowen raised Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Wednesday, January 8th. Finally, Piper Sandler boosted their target price on Coca-Cola from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Coca-Cola has an average rating of “Moderate Buy” and a consensus price target of $74.24.

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.