The Coca-Cola Company (NYSE:KO) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. cut its holdings in shares of The Coca-Cola Company (NYSE:KO) by 5.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 891,060 shares of the company’s stock after selling 52,964 shares during the period. Corebridge Financial Inc.’s holdings in Coca-Cola were worth $55,477,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of KO. Fort Sheridan Advisors LLC raised its stake in shares of Coca-Cola by 3.3% during the 4th quarter. Fort Sheridan Advisors LLC now owns 4,993 shares of the company’s stock worth $311,000 after purchasing an additional 161 shares in the last quarter. Wells Trecaso Financial Group LLC increased its holdings in Coca-Cola by 4.8% in the fourth quarter. Wells Trecaso Financial Group LLC now owns 3,616 shares of the company’s stock worth $225,000 after buying an additional 164 shares during the last quarter. Atlas Brown Inc. raised its position in Coca-Cola by 0.8% during the fourth quarter. Atlas Brown Inc. now owns 21,024 shares of the company’s stock valued at $1,309,000 after acquiring an additional 166 shares in the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO lifted its stake in Coca-Cola by 0.4% in the fourth quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 39,198 shares of the company’s stock valued at $2,440,000 after acquiring an additional 169 shares during the last quarter. Finally, Great Diamond Partners LLC grew its position in Coca-Cola by 1.7% in the fourth quarter. Great Diamond Partners LLC now owns 10,314 shares of the company’s stock worth $642,000 after acquiring an additional 169 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO James Quincey sold 145,435 shares of the company’s 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 sale, the chief executive officer now owns 342,546 shares of the company’s stock, valued at $24,324,191.46. The trade was a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nikolaos Koumettis sold 54,708 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $70.96, for a total transaction of $3,882,079.68. Following the transaction, the insider now owns 246,909 shares of the company’s stock, valued at approximately $17,520,662.64. This represents a 18.14 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 313,423 shares of company stock worth $22,263,071. Company insiders own 0.97% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on KO. TD Cowen upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Wednesday, January 8th. Piper Sandler raised their target price on Coca-Cola from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft upgraded Coca-Cola from a “hold” rating to a “buy” rating and upped their price target for the stock from $68.00 to $70.00 in a research note on Thursday, December 12th. Morgan Stanley raised their price objective on Coca-Cola from $76.00 to $78.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $69.00 target price on shares of Coca-Cola in a report on Thursday, February 6th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.24.

Coca-Cola Price Performance

NYSE:KO opened at $68.58 on Monday. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84. The stock has a market cap of $295.12 billion, a P/E ratio of 27.76, a PEG ratio of 3.79 and a beta of 0.57. The company has a fifty day moving average price of $67.00 and a 200 day moving average price of $66.43. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53.

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

Coca-Cola Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Coca-Cola’s previous quarterly dividend of $0.49. Coca-Cola’s dividend payout ratio (DPR) is presently 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.