SouthState Corp Boosts Stake in CocaCola Company (The) $KO

SouthState Corp raised its holdings in shares of CocaCola Company (The) (NYSE:KO) by 4.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 266,716 shares of the company’s stock after buying an additional 11,584 shares during the quarter. SouthState Corp’s holdings in CocaCola were worth $18,870,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sienna Gestion boosted its holdings in shares of CocaCola by 11.0% in the 2nd quarter. Sienna Gestion now owns 89,794 shares of the company’s stock worth $5,800,000 after purchasing an additional 8,928 shares in the last quarter. Andra AP fonden boosted its holdings in shares of CocaCola by 47.9% in the 2nd quarter. Andra AP fonden now owns 349,100 shares of the company’s stock worth $24,699,000 after purchasing an additional 113,000 shares in the last quarter. Brooktree Capital Management purchased a new position in shares of CocaCola in the 2nd quarter worth about $283,000. Resona Asset Management Co. Ltd. boosted its holdings in shares of CocaCola by 5.8% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 1,493,593 shares of the company’s stock worth $105,570,000 after purchasing an additional 82,268 shares in the last quarter. Finally, Atlantic Union Bankshares Corp boosted its holdings in shares of CocaCola by 81.2% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 100,834 shares of the company’s stock worth $7,134,000 after purchasing an additional 45,182 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on KO. Wells Fargo & Company upped their price objective on CocaCola from $75.00 to $79.00 and gave the stock an “overweight” rating in a report on Wednesday, October 22nd. BNP Paribas reiterated an “outperform” rating and issued a $83.00 price objective on shares of CocaCola in a report on Monday, July 21st. Barclays reiterated an “overweight” rating on shares of CocaCola in a report on Thursday, October 23rd. TD Cowen upped their price objective on CocaCola from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Finally, Evercore ISI restated an “outperform” rating on shares of CocaCola in a report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $78.31.

CocaCola Trading Down 0.2%

Shares of KO stock opened at $68.53 on Thursday. The stock has a market capitalization of $294.79 billion, a PE ratio of 22.69, a P/E/G ratio of 3.57 and a beta of 0.43. CocaCola Company has a 1-year low of $60.62 and a 1-year high of $74.38. The business has a 50-day moving average of $67.71 and a 200 day moving average of $69.58. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.21 and a quick ratio of 1.00.

CocaCola (NYSE:KO) last issued its earnings results on Thursday, March 27th. The company reported $0.55 earnings per share for the quarter. The company had revenue of $11.40 billion during the quarter. CocaCola had a return on equity of 43.62% and a net margin of 27.34%. As a group, sell-side analysts anticipate that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.0%. CocaCola’s dividend payout ratio is presently 67.55%.

Insider Buying and Selling

In other CocaCola news, Director Max R. Levchin purchased 7,206 shares of the stock in a transaction on Friday, October 24th. The stock was acquired at an average price of $69.87 per share, with a total value of $503,483.22. Following the transaction, the director directly owned 14,267 shares of the company’s stock, valued at approximately $996,835.29. This trade represents a 102.05% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Monica Howard Douglas sold 13,548 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $69.93, for a total value of $947,411.64. Following the transaction, the executive vice president directly owned 37,725 shares of the company’s stock, valued at $2,638,109.25. The trade was a 26.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.90% of the company’s stock.

CocaCola 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.