Sky Investment Group LLC Decreases Stake in The Coca-Cola Company (NYSE:KO)

Sky Investment Group LLC cut its holdings in shares of The Coca-Cola Company (NYSE:KO) by 1.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 134,362 shares of the company’s stock after selling 2,469 shares during the quarter. Coca-Cola comprises 1.7% of Sky Investment Group LLC’s investment portfolio, making the stock its 17th biggest position. Sky Investment Group LLC’s holdings in Coca-Cola were worth $9,655,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its stake in Coca-Cola by 21.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock worth $3,016,023,000 after buying an additional 8,733,326 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Coca-Cola by 30.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,698,984 shares of the company’s stock valued at $776,924,000 after acquiring an additional 2,964,850 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Coca-Cola during the 2nd quarter valued at about $188,448,000. M&G Plc purchased a new stake in shares of Coca-Cola in the first quarter valued at about $157,087,000. Finally, Raymond James & Associates increased its position in Coca-Cola by 42.6% during the second quarter. Raymond James & Associates now owns 6,245,331 shares of the company’s stock worth $397,515,000 after purchasing an additional 1,866,348 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. StockNews.com cut shares of Coca-Cola from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Citigroup upped their price objective on Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Wells Fargo & Company raised their target price on Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Deutsche Bank Aktiengesellschaft lifted their target price on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Finally, Truist Financial increased their price target on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Insider Activity

In related news, EVP Nancy Quan sold 18,482 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $15,398,603.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Bruno Pietracci sold 38,653 shares of Coca-Cola stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total transaction of $2,667,443.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nancy Quan sold 18,482 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $68.95, for a total value of $1,274,333.90. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $15,398,603.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 356,792 shares of company stock worth $24,728,364. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Trading Down 0.2 %

NYSE KO traded down $0.13 during trading on Tuesday, hitting $69.32. The stock had a trading volume of 3,626,865 shares, compared to its average volume of 13,113,007. The company has a market capitalization of $298.63 billion, a PE ratio of 27.73, a PEG ratio of 3.92 and a beta of 0.60. The Coca-Cola Company has a twelve month low of $54.04 and a twelve month high of $73.53. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.39. The firm has a 50 day moving average price of $70.73 and a 200 day moving average price of $65.87.

Coca-Cola (NYSE:KO) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The firm had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 earnings per share. As a group, equities research analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s dividend payout ratio is currently 77.60%.

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.