First Foundation Advisors Trims Position in The Coca-Cola Company (NYSE:KO)

06 Dec 2023, 16:22 by Teresa Graham · The Cerbat Gem

First Foundation Advisors cut its position in shares of The Coca-Cola Company (NYSE:KO – Free Report) by 3.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 31,856 shares of the company’s stock after selling 1,071 shares during the period. First Foundation Advisors’ holdings in Coca-Cola were worth $1,918,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in KO. Freedom Wealth Alliance LLC bought a new stake in Coca-Cola in the fourth quarter worth $25,000. Paladin Advisory Group LLC bought a new stake in Coca-Cola in the second quarter worth $28,000. Fortis Capital Advisors LLC bought a new stake in Coca-Cola in the fourth quarter worth $30,000. KB Financial Partners LLC bought a new stake in Coca-Cola in the first quarter worth $31,000. Finally, Retirement Group LLC boosted its holdings in Coca-Cola by 51.5% in the fourth quarter. Retirement Group LLC now owns 550 shares of the company’s stock worth $35,000 after acquiring an additional 187 shares in the last quarter. 68.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Coca-Cola news, SVP Beatriz R. Perez sold 20,534 shares of the company’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $56.12, for a total value of $1,152,368.08. Following the completion of the sale, the senior vice president now owns 143,383 shares in the company, valued at $8,046,653.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Beatriz R. Perez sold 20,534 shares of the company’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $56.12, for a total value of $1,152,368.08. Following the completion of the transaction, the senior vice president now owns 143,383 shares of the company’s stock, valued at $8,046,653.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO James Quincey sold 92,029 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $58.09, for a total value of $5,345,964.61. Following the completion of the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $25,707,497.14. The disclosure for this sale can be found here. Insiders sold a total of 349,316 shares of company stock worth $19,716,506 over the last quarter. 1.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KO. Barclays decreased their price target on Coca-Cola from $70.00 to $59.00 and set an “overweight” rating for the company in a research note on Thursday, October 12th. JPMorgan Chase & Co. boosted their price target on Coca-Cola from $59.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 25th. StockNews.com cut Coca-Cola from a “buy” rating to a “hold” rating in a research note on Friday, October 13th. Morgan Stanley decreased their price target on Coca-Cola from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, October 25th. Finally, Bank of America reduced their price objective on Coca-Cola from $74.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, October 17th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.20.

Read Our Latest Research Report on Coca-Cola

Coca-Cola Stock Performance

Shares of KO opened at $58.66 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.14 and a debt-to-equity ratio of 1.23. The business has a 50-day simple moving average of $56.12 and a two-hundred day simple moving average of $58.87. The stock has a market cap of $253.61 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 3.54 and a beta of 0.58. The Coca-Cola Company has a 52 week low of $51.55 and a 52 week high of $64.99.

Coca-Cola (NYSE:KO – Get Free Report) last issued its quarterly earnings results on Tuesday, October 24th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. The business had revenue of $11.95 billion during the quarter, compared to analysts’ expectations of $11.45 billion. Coca-Cola had a return on equity of 42.44% and a net margin of 23.92%. On average, analysts expect that The Coca-Cola Company will post 2.68 EPS for the current year.

Coca-Cola Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Thursday, November 30th. Coca-Cola’s payout ratio is 73.90%.

Coca-Cola Profile

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