Kingsview Wealth Management LLC has increased its stake in the Coca-Cola Company (NYSE: KO) by 12% during the third quarter of 2023, as detailed in a recent filing with the Securities and Exchange Commission. The management firm now holds 135,162 shares after acquiring an additional 14,505 shares during the period. This investment is valued at approximately $8,964,000 as of the latest reporting date.
Several other institutional investors have also adjusted their positions in Coca-Cola. For instance, Headlands Technologies LLC purchased a new stake in the company worth around $26,000 in the second quarter. Similarly, Marquette Asset Management LLC and Cloud Capital Management LLC each acquired new stakes valued at $27,000 in the third quarter. Redmont Wealth Advisors LLC and MMA Asset Management LLC also entered positions during the same period, valued at $30,000 and $34,000, respectively. Institutional investors and hedge funds collectively own 70.26% of Coca-Cola’s stock.
Stock Performance and Dividend Announcement
Coca-Cola shares opened at $80.21 on Tuesday. The company’s financial metrics include a quick ratio of 1.25, a current ratio of 1.46, and a debt-to-equity ratio of 1.23. Over the past year, Coca-Cola has experienced a low of $65.35 and a high of $82.00. Its fifty-day moving average stands at $74.23, while the 200-day moving average is $70.90. The firm’s market capitalization is approximately $344.96 billion, with a price-to-earnings ratio of 26.38 and a price-to-earnings-growth ratio of 3.42.
In a significant update for shareholders, Coca-Cola has announced an increase in its quarterly dividend, which will be distributed on April 1, 2024. Shareholders on record as of March 13, 2024 will receive a dividend of $0.53, up from the previous $0.51. This adjustment reflects a total annualized dividend of $2.12, yielding 2.6%. Coca-Cola’s current dividend payout ratio is 67.11%.
Analyst Ratings and Insider Activity
Coca-Cola has attracted attention from several financial analysts. The Royal Bank of Canada has set a price target of $87.00, while UBS Group recently raised its target from $82.00 to $87.00 with a “buy” rating. Bank of America also increased its price objective from $78.00 to $80.00, affirming a “buy” rating. Other firms like Barclays and Deutsche Bank have similarly increased their price targets, with Barclays setting its target at $83.00.
As for insider trading, Executive Vice President Monica Howard Douglas sold 20,000 shares on February 25, 2024 at an average price of $80.16, totaling around $1,603,200. This transaction reduced her ownership by 25.80%. CEO James Quincey also sold 337,824 shares on February 3, 2024, at an average price of $77.10, resulting in a total of approximately $26,046,230.40. Following this sale, Quincey owns 342,546 shares, valued at about $26,410,296.60.
Over the past ninety days, insiders have sold a total of 493,587 shares worth approximately $38,577,228. Company insiders currently hold 0.90% of the total stock.
The Coca-Cola Company, headquartered in Atlanta, Georgia, is a leading global beverage manufacturer, renowned for its flagship Coca-Cola soda. The company develops and markets an extensive portfolio of beverages, including sparkling soft drinks, bottled water, and ready-to-drink teas and coffees. Its brand lineup includes well-known names such as Sprite, Fanta, and Dasani, and it has expanded into coffee through acquisitions like Costa Coffee.
