Allen Wealth Management LLC Cuts Stake in The Coca-Cola Company (NYSE:KO)

Allen Wealth Management LLC cut its stake in The Coca-Cola Company (NYSE:KO) by 2.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,558 shares of the company’s stock after selling 450 shares during the quarter. Coca-Cola makes up approximately 0.7% of Allen Wealth Management LLC’s portfolio, making the stock its 29th largest holding. Allen Wealth Management LLC’s holdings in Coca-Cola were worth $1,031,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Crowley Wealth Management Inc. acquired a new stake in shares of Coca-Cola in the fourth quarter worth approximately $27,000. Mainstream Capital Management LLC purchased a new position in Coca-Cola in the 4th quarter valued at $31,000. Murphy & Mullick Capital Management Corp acquired a new stake in Coca-Cola during the 4th quarter worth $38,000. Retirement Wealth Solutions LLC purchased a new stake in shares of Coca-Cola during the fourth quarter worth $37,000. Finally, Hoey Investments Inc. raised its position in shares of Coca-Cola by 41.9% in the fourth quarter. Hoey Investments Inc. now owns 613 shares of the company’s stock valued at $38,000 after buying an additional 181 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Bruno Pietracci sold 19,058 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $70.56, for a total transaction of $1,344,732.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Quincey sold 145,435 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $71.01, for a total value of $10,327,339.35. Following the completion of the sale, the chief executive officer now directly owns 342,546 shares in the company, valued at $24,324,191.46. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 313,423 shares of company stock valued at $22,263,071 in the last ninety days. Company insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on KO. Morgan Stanley boosted their price target on shares of Coca-Cola from $76.00 to $78.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. TD Cowen upgraded Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Wednesday, January 8th. Jefferies Financial Group raised Coca-Cola from a “hold” rating to a “buy” rating and increased their price target for the company from $69.00 to $75.00 in a report on Thursday, January 30th. Royal Bank of Canada reissued an “outperform” rating and set a $69.00 price objective on shares of Coca-Cola in a research note on Thursday, February 6th. Finally, Barclays raised their target price on Coca-Cola from $66.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Two analysts have rated the stock with a hold rating, seventeen 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 an average rating of “Moderate Buy” and a consensus price target of $74.24.

Coca-Cola Stock Down 0.6 %

NYSE:KO opened at $71.46 on Thursday. The Coca-Cola Company has a 52 week low of $57.93 and a 52 week high of $73.53. The stock’s fifty day moving average is $68.33 and its two-hundred day moving average is $66.42. The stock has a market capitalization of $307.53 billion, a price-to-earnings ratio of 28.93, a price-to-earnings-growth ratio of 3.79 and a beta of 0.57. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.61.

Coca-Cola (NYSE:KO) last posted its earnings results on Tuesday, February 11th. The company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. Research analysts anticipate that The Coca-Cola Company will post 2.96 EPS for the current year.

Coca-Cola Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.51 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.85%. This is a boost from Coca-Cola’s previous quarterly dividend of $0.49. Coca-Cola’s payout ratio is 82.59%.

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.