Fortitude Family Office LLC Sells 1,824 Shares of The Coca-Cola Company (NYSE:KO)

Fortitude Family Office LLC lessened its position in The Coca-Cola Company (NYSE:KO) by 61.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,152 shares of the company’s stock after selling 1,824 shares during the quarter. Fortitude Family Office LLC’s holdings in Coca-Cola were worth $83,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Voleon Capital Management LP acquired a new stake in Coca-Cola in the 4th quarter valued at $2,513,000. Clark Capital Management Group Inc. grew its holdings in shares of Coca-Cola by 31.8% in the 4th quarter. Clark Capital Management Group Inc. now owns 848,868 shares of the company’s stock valued at $52,851,000 after acquiring an additional 204,681 shares in the last quarter. Alphinity Investment Management Pty Ltd increased its position in shares of Coca-Cola by 8.1% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 10,484,527 shares of the company’s stock valued at $652,767,000 after acquiring an additional 783,161 shares during the last quarter. StoneX Group Inc. raised its holdings in Coca-Cola by 80.0% during the fourth quarter. StoneX Group Inc. now owns 51,775 shares of the company’s stock worth $3,224,000 after acquiring an additional 23,009 shares in the last quarter. Finally, Fortress Financial Group LLC acquired a new position in Coca-Cola during the fourth quarter valued at approximately $416,000. Institutional investors own 70.26% of the company’s stock.

Coca-Cola Stock Performance

Shares of NYSE KO opened at $72.03 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 firm has a market cap of $310.02 billion, a price-to-earnings ratio of 29.16, a P/E/G ratio of 3.79 and a beta of 0.46. The stock’s fifty day moving average price is $71.42 and its two-hundred day moving average price is $67.74. The Coca-Cola Company has a one year low of $60.62 and a one year high of $74.38.

Coca-Cola (NYSE:KO) last announced its earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.02. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. The company had revenue of $11.13 billion during the quarter, compared to analysts’ expectations of $11.23 billion. During the same quarter in the previous year, the business posted $0.72 earnings per share. Coca-Cola’s quarterly revenue was down .7% on a year-over-year basis. On average, equities analysts forecast that The Coca-Cola Company will post 2.96 EPS for the current year.

Coca-Cola Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, June 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.83%. Coca-Cola’s payout ratio is presently 81.60%.

Analyst Ratings Changes

Several research analysts have weighed in on KO shares. JPMorgan Chase & Co. boosted their price target on Coca-Cola from $74.00 to $78.00 and gave the stock an “overweight” rating in a research report on Monday, April 21st. Barclays restated an “overweight” rating on shares of Coca-Cola in a report on Thursday, March 27th. Wells Fargo & Company lifted their price objective on shares of Coca-Cola from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Cfra Research raised shares of Coca-Cola to a “strong-buy” rating in a report on Tuesday, April 15th. Finally, Evercore ISI raised their target price on shares of Coca-Cola from $72.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Two research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Coca-Cola presently has a consensus rating of “Buy” and an average target price of $76.00.

Insider Activity at Coca-Cola

In related news, EVP Beatriz R. Perez sold 60,326 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $71.87, for a total transaction of $4,335,629.62. Following the completion of the sale, the executive vice president now owns 187,716 shares of the company’s stock, valued at $13,491,148.92. This represents a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James Quincey sold 266,403 shares of the company’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the sale, the chief executive officer now directly owns 275,946 shares of the company’s stock, valued at approximately $19,884,668.76. This trade represents a 49.12% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 415,387 shares of company stock worth $29,923,985. Company insiders own 0.97% of the company’s stock.

About Coca-Cola

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.