The Coca-Cola Company (NYSE:KO) Stock Position Reduced by Veracity Capital LLC

Veracity Capital LLC cut its stake in The Coca-Cola Company (NYSE:KO) by 1.7% during the fourth quarter, HoldingsChannel reports. The fund owned 30,062 shares of the company’s stock after selling 506 shares during the quarter. Coca-Cola comprises approximately 0.7% of Veracity Capital LLC’s holdings, making the stock its 21st biggest position. Veracity Capital LLC’s holdings in Coca-Cola were worth $1,872,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of KO. Harvest Portfolios Group Inc. acquired a new position in shares of Coca-Cola during the 3rd quarter worth $18,383,000. Balentine LLC increased its position in Coca-Cola by 92.4% during the third quarter. Balentine LLC now owns 28,493 shares of the company’s stock worth $2,048,000 after buying an additional 13,685 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in Coca-Cola by 104.9% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock valued at $8,351,000 after buying an additional 59,503 shares in the last quarter. Fiduciary Alliance LLC lifted its position in shares of Coca-Cola by 87.7% in the fourth quarter. Fiduciary Alliance LLC now owns 18,189 shares of the company’s stock worth $1,132,000 after buying an additional 8,499 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Coca-Cola by 5.8% during the 3rd quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock worth $61,122,000 after acquiring an additional 46,541 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Coca-Cola

In related news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction dated Friday, November 8th. The shares were 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 directly owns 342,546 shares of the company’s stock, valued at $21,933,220.38. This trade represents a 22.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.97% of the company’s stock.

Coca-Cola Stock Performance

NYSE KO opened at $61.54 on Friday. The stock has a market cap of $265.08 billion, a P/E ratio of 25.43, a PEG ratio of 3.42 and a beta of 0.61. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53. The Coca-Cola Company has a twelve month low of $57.93 and a twelve month high of $73.53. The company’s 50-day simple moving average is $62.63 and its 200 day simple moving average is $66.40.

Coca-Cola (NYSE:KO) last released its quarterly earnings data 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. The company had revenue of $11.85 billion for the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company’s revenue was down .8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 EPS. As a group, research analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on KO. Morgan Stanley reduced their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $68.00 to $70.00 in a research note on Thursday, December 12th. Truist Financial raised their target price on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Barclays cut their target price on shares of Coca-Cola from $73.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Finally, Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a research report on Friday, September 27th. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Coca-Cola presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.07.

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.