Cresset Asset Management LLC Reduces Position in The Coca-Cola Company (NYSE:KO)

Cresset Asset Management LLC decreased its holdings in The Coca-Cola Company (NYSE:KO) by 32.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 425,769 shares of the company’s stock after selling 205,979 shares during the period. Cresset Asset Management LLC’s holdings in Coca-Cola were worth $26,508,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. CWA Asset Management Group LLC lifted its holdings in shares of Coca-Cola by 16.2% in the fourth quarter. CWA Asset Management Group LLC now owns 19,407 shares of the company’s stock worth $1,208,000 after buying an additional 2,706 shares in the last quarter. Burkett Financial Services LLC lifted its stake in Coca-Cola by 4.1% in the 4th quarter. Burkett Financial Services LLC now owns 5,572 shares of the company’s stock worth $347,000 after purchasing an additional 221 shares in the last quarter. Neville Rodie & Shaw Inc. boosted its holdings in Coca-Cola by 12.7% in the 4th quarter. Neville Rodie & Shaw Inc. now owns 60,035 shares of the company’s stock valued at $3,738,000 after purchasing an additional 6,760 shares during the period. Capital Market Strategies LLC purchased a new position in shares of Coca-Cola during the 4th quarter valued at $202,000. Finally, Canandaigua National Trust Co of Florida increased its holdings in shares of Coca-Cola by 34.5% in the fourth quarter. Canandaigua National Trust Co of Florida now owns 6,244 shares of the company’s stock worth $389,000 after purchasing an additional 1,600 shares during the period. Institutional investors own 70.26% of the company’s stock.

Insider Buying and Selling

In related news, COO Henrique Braun sold 25,277 shares of Coca-Cola stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $71.47, for a total value of $1,806,547.19. Following the sale, the chief operating officer now owns 52,466 shares in the company, valued at $3,749,745.02. The trade was a 32.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bruno Pietracci sold 19,058 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $70.56, for a total transaction of $1,344,732.48. The disclosure for this sale can be found here. Insiders have sold 313,423 shares of company stock valued at $22,263,071 over the last ninety days. 0.97% of the stock is owned by insiders.

Coca-Cola Trading Up 0.1 %

Shares of KO stock opened at $71.71 on Tuesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84. The business has a 50-day moving average of $70.92 and a 200 day moving average of $66.55. The stock has a market capitalization of $308.61 billion, a PE ratio of 29.03, a P/E/G ratio of 3.79 and a beta of 0.47. The Coca-Cola Company has a 1-year low of $60.62 and a 1-year high of $74.38.

Coca-Cola (NYSE:KO) last issued its earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.02. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. The firm had revenue of $11.13 billion for the quarter, compared to analysts’ expectations of $11.23 billion. During the same quarter last year, the business earned $0.72 earnings per share. The business’s revenue was down .7% on a year-over-year basis. As a group, sell-side analysts anticipate that The Coca-Cola Company will post 2.96 earnings per share for the current year.

Coca-Cola Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.84%. Coca-Cola’s dividend payout ratio is currently 81.60%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on KO. JPMorgan Chase & Co. lifted their price objective on Coca-Cola from $74.00 to $78.00 and gave the company an “overweight” rating in a research note on Monday, April 21st. Royal Bank of Canada lifted their price target on Coca-Cola from $73.00 to $76.00 and gave the company an “outperform” rating in a research report on Wednesday, April 30th. Jefferies Financial Group raised shares of Coca-Cola from a “hold” rating to a “buy” rating and raised their target price for the company from $69.00 to $75.00 in a research note on Thursday, January 30th. Wells Fargo & Company boosted their price target on shares of Coca-Cola from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, Piper Sandler increased their price target on shares of Coca-Cola from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Coca-Cola currently has an average rating of “Buy” and a consensus target price of $75.59.

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.