Destination Wealth Management Reduces Stock Holdings in The Coca-Cola Company (NYSE:KO)

Destination Wealth Management lowered its stake in shares of The Coca-Cola Company (NYSE:KO) by 2.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 100,589 shares of the company’s stock after selling 2,383 shares during the quarter. Destination Wealth Management’s holdings in Coca-Cola were worth $7,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of KO. New Millennium Group LLC bought a new position in shares of Coca-Cola during the second quarter valued at $26,000. Quarry LP purchased a new stake in Coca-Cola during the 2nd quarter valued at $27,000. Hara Capital LLC purchased a new position in shares of Coca-Cola in the third quarter worth $35,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Coca-Cola during the third quarter valued at $36,000. Finally, Mount Lucas Management LP bought a new position in Coca-Cola during the 2nd quarter valued at about $38,000. 70.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on KO shares. Wells Fargo & Company decreased their target price on shares of Coca-Cola from $78.00 to $75.00 and set an “overweight” rating for the company in a research note on Monday, December 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and lifted their price target for the stock from $68.00 to $70.00 in a research note on Thursday. Truist Financial raised their target price on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Barclays decreased their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a research report on Thursday, September 5th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $72.50.

Insider Activity

In related news, CEO James Quincey sold 100,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the completion of the sale, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This trade represents a 22.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Trading Up 1.1 %

Shares of KO traded up $0.72 during midday trading on Thursday, hitting $63.36. The stock had a trading volume of 1,265,234 shares, compared to its average volume of 13,781,651. The Coca-Cola Company has a 1 year low of $57.47 and a 1 year high of $73.53. The firm has a market cap of $272.94 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 3.80 and a beta of 0.61. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The stock’s 50 day moving average is $65.68 and its 200 day moving average is $66.59.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.74 by $0.03. The company had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The firm’s revenue was down .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.74 EPS. As a group, analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s dividend payout ratio is currently 80.17%.

Coca-Cola 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.