Magnus Financial Group LLC raised its stake in The Coca-Cola Company (NYSE:KO – Free Report) by 3.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,517 shares of the company’s stock after acquiring an additional 548 shares during the quarter. Magnus Financial Group LLC’s holdings in Coca-Cola were worth $904,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. Public Sector Pension Investment Board grew its position in shares of Coca-Cola by 105.8% in the second quarter. Public Sector Pension Investment Board now owns 120,309 shares of the company’s stock valued at $7,658,000 after purchasing an additional 61,848 shares during the period. Fred Alger Management LLC grew its holdings in Coca-Cola by 7.5% in the 2nd quarter. Fred Alger Management LLC now owns 102,078 shares of the company’s stock valued at $6,497,000 after buying an additional 7,160 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Coca-Cola in the 2nd quarter valued at about $2,851,000. AlTi Global Inc. lifted its holdings in shares of Coca-Cola by 3.1% during the 2nd quarter. AlTi Global Inc. now owns 86,390 shares of the company’s stock worth $5,538,000 after acquiring an additional 2,596 shares during the period. Finally, Drucker Wealth 3.0 LLC purchased a new position in shares of Coca-Cola during the 2nd quarter worth about $3,368,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently commented on KO. Truist Financial upped their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Coca-Cola from a “hold” rating to a “buy” rating and increased their target price for the stock from $68.00 to $70.00 in a research report on Thursday, December 12th. Piper Sandler started coverage on Coca-Cola in a research report on Tuesday, January 7th. They set an “overweight” rating and a $74.00 price target for the company. UBS Group cut their price objective on Coca-Cola from $82.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Finally, Barclays decreased their target price on Coca-Cola from $73.00 to $66.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.13.
Coca-Cola Price Performance
KO opened at $61.78 on Thursday. The Coca-Cola Company has a twelve month low of $57.93 and a twelve month high of $73.53. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The firm has a market cap of $266.14 billion, a price-to-earnings ratio of 25.53, a PEG ratio of 3.43 and a beta of 0.61. The company has a fifty day simple moving average of $62.66 and a 200 day simple moving average of $66.44.
Coca-Cola (NYSE:KO – Get Free Report) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. The business had revenue of $11.85 billion for the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.74 earnings per share. Equities research analysts expect that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.
Insider Buying and Selling at Coca-Cola
In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the transaction, the chief executive officer now directly owns 342,546 shares in the company, valued at $21,933,220.38. This represents a 22.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.97% of the stock is owned by insiders.
About Coca-Cola
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.
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