The Coca-Cola Company (NYSE:KO) Stake Lessened by Sonora Investment Management Group LLC

Sonora Investment Management Group LLC reduced its stake in shares of The Coca-Cola Company (NYSE:KO) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,203 shares of the company’s stock after selling 549 shares during the period. Sonora Investment Management Group LLC’s holdings in Coca-Cola were worth $6,890,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Crowley Wealth Management Inc. bought a new position in Coca-Cola during the 4th quarter worth approximately $27,000. Mainstream Capital Management LLC bought a new position in Coca-Cola during the fourth quarter worth $31,000. REAP Financial Group LLC increased its stake in Coca-Cola by 57.5% during the fourth quarter. REAP Financial Group LLC now owns 570 shares of the company’s stock valued at $35,000 after purchasing an additional 208 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Coca-Cola during the fourth quarter worth $38,000. Finally, Hoey Investments Inc. lifted its position in shares of Coca-Cola by 41.9% in the 4th quarter. Hoey Investments Inc. now owns 613 shares of the company’s stock worth $38,000 after buying an additional 181 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Coca-Cola Price Performance

NYSE KO opened at $71.76 on Tuesday. The Coca-Cola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38. The stock’s 50-day moving average is $71.39 and its two-hundred day moving average is $67.68. The firm has a market cap of $308.89 billion, a P/E ratio of 29.05, a price-to-earnings-growth ratio of 3.79 and a beta of 0.46. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84.

Coca-Cola (NYSE:KO) last announced its earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. The firm had revenue of $11.13 billion during the quarter, compared to analysts’ expectations of $11.23 billion. During the same quarter in the prior year, the business earned $0.72 earnings per share. The company’s revenue was down .7% on a year-over-year basis. On average, analysts anticipate that The Coca-Cola Company will post 2.96 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Friday, June 13th. Coca-Cola’s dividend payout ratio (DPR) is 81.60%.

Insider Activity

In other news, EVP Beatriz R. Perez sold 60,326 shares of the business’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $71.87, for a total transaction of $4,335,629.62. Following the transaction, the executive vice president now owns 187,716 shares in the company, valued at approximately $13,491,148.92. The trade was a 24.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James Quincey sold 266,403 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $72.06, for a total value of $19,197,000.18. Following the transaction, the chief executive officer now owns 275,946 shares in the company, valued at $19,884,668.76. This represents a 49.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 415,387 shares of company stock valued at $29,923,985. 0.97% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

KO has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on shares of Coca-Cola from $74.00 to $78.00 and gave the stock an “overweight” rating in a report on Monday, April 21st. Piper Sandler increased their price objective on Coca-Cola from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Evercore ISI boosted their price target on Coca-Cola from $72.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Wells Fargo & Company boosted their price target on shares of Coca-Cola from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Finally, DZ Bank raised shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Coca-Cola currently has a consensus rating of “Buy” and an average price target of $76.00.

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.