Harmony Asset Management LLC Trims Stake in The Coca-Cola Company (NYSE:KO)

Harmony Asset Management LLC reduced its stake in shares of The Coca-Cola Company (NYSE:KO) by 4.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,315 shares of the company’s stock after selling 868 shares during the quarter. Harmony Asset Management LLC’s holdings in Coca-Cola were worth $1,140,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. 49 Wealth Management LLC raised its position in Coca-Cola by 1.7% during the fourth quarter. 49 Wealth Management LLC now owns 16,728 shares of the company’s stock valued at $1,041,000 after acquiring an additional 283 shares in the last quarter. Pinnacle Investment Management Ltd purchased a new position in Coca-Cola during the fourth quarter valued at approximately $1,245,000. Orion Capital Management LLC purchased a new position in Coca-Cola during the fourth quarter valued at approximately $99,000. Monograph Wealth Advisors LLC raised its position in Coca-Cola by 8.6% during the fourth quarter. Monograph Wealth Advisors LLC now owns 9,510 shares of the company’s stock valued at $592,000 after acquiring an additional 756 shares in the last quarter. Finally, Novem Group purchased a new position in Coca-Cola during the fourth quarter valued at approximately $533,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

KO has been the topic of several research analyst reports. Royal Bank of Canada raised their price objective on Coca-Cola from $73.00 to $76.00 and gave the company an “outperform” rating in a report on Wednesday, April 30th. Jefferies Financial Group raised Coca-Cola from a “hold” rating to a “buy” rating and raised their price objective for the company from $69.00 to $75.00 in a report on Thursday, January 30th. UBS Group raised their price objective on Coca-Cola from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Piper Sandler raised their price objective on Coca-Cola from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Finally, Barclays reissued an “overweight” rating on shares of Coca-Cola in a report on Thursday, March 27th. Two research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Coca-Cola presently has an average rating of “Buy” and a consensus price target of $75.59.

Coca-Cola Stock Performance

Shares of NYSE:KO opened at $71.84 on Thursday. 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’s 50 day moving average price is $71.02 and its 200-day moving average price is $66.89. The firm has a market capitalization of $309.23 billion, a PE ratio of 29.09, 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 quarterly earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. The firm had revenue of $11.13 billion for the quarter, compared to analyst estimates of $11.23 billion. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. The business’s revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 earnings per share. As a group, equities research analysts expect that The Coca-Cola Company will post 2.96 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

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

Insiders Place Their Bets

In other Coca-Cola news, insider Nikolaos Koumettis sold 54,708 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $70.96, for a total transaction of $3,882,079.68. Following the transaction, the insider now owns 246,909 shares of the company’s stock, valued at approximately $17,520,662.64. The trade was a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Bruno Pietracci sold 19,058 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $70.56, for a total value of $1,344,732.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 462,407 shares of company stock valued at $32,990,056. Insiders own 0.90% of the company’s stock.

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.