Legacy Capital Wealth Partners LLC Trims Holdings in The Coca-Cola Company (NYSE:KO)

Legacy Capital Wealth Partners LLC lessened its holdings in shares of The Coca-Cola Company (NYSE:KO) by 5.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,558 shares of the company’s stock after selling 921 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Coca-Cola were worth $976,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. RiverFront Investment Group LLC boosted its holdings in shares of Coca-Cola by 0.7% during the 4th quarter. RiverFront Investment Group LLC now owns 92,741 shares of the company’s stock valued at $5,465,000 after purchasing an additional 638 shares during the last quarter. Stonebrook Private Inc. purchased a new position in shares of Coca-Cola during the fourth quarter worth approximately $785,000. Russell Investments Group Ltd. increased its holdings in Coca-Cola by 2.0% during the fourth quarter. Russell Investments Group Ltd. now owns 3,048,896 shares of the company’s stock valued at $179,632,000 after buying an additional 58,684 shares during the period. Cedar Point Capital Partners LLC purchased a new position in Coca-Cola during the fourth quarter valued at approximately $273,000. Finally, Valmark Advisers Inc. increased its holdings in Coca-Cola by 98.6% during the fourth quarter. Valmark Advisers Inc. now owns 37,060 shares of the company’s stock valued at $2,184,000 after buying an additional 18,402 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on KO shares. Barclays lifted their price objective on shares of Coca-Cola from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Citigroup lifted their price objective on shares of Coca-Cola from $67.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Coca-Cola from $66.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, April 19th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.22.

Coca-Cola Stock Performance

Shares of NYSE:KO remained flat at $61.74 on Friday. 10,994,262 shares of the stock traded hands, compared to its average volume of 12,842,353. The Coca-Cola Company has a 1-year low of $51.55 and a 1-year high of $64.69. The stock has a fifty day moving average price of $60.12 and a 200 day moving average price of $58.85. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.13 and a quick ratio of 0.95. The stock has a market cap of $266.17 billion, a price-to-earnings ratio of 24.90, a P/E/G ratio of 3.53 and a beta of 0.59.

Coca-Cola (NYSE:KO) last posted its earnings results on Tuesday, February 13th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.01. The company had revenue of $10.80 billion during the quarter, compared to the consensus estimate of $10.68 billion. Coca-Cola had a net margin of 23.42% and a return on equity of 42.50%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. On average, equities analysts predict that The Coca-Cola Company will post 2.81 EPS for the current fiscal year.

Coca-Cola Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.485 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Coca-Cola’s previous quarterly dividend of $0.46. This represents a $1.94 dividend on an annualized basis and a yield of 3.14%. Coca-Cola’s payout ratio is currently 78.23%.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $60.94, for a total transaction of $15,063,636.72. Following the completion of the transaction, the chief executive officer now directly owns 442,546 shares in the company, valued at $26,968,753.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Coca-Cola news, EVP Nancy Quan sold 57,368 shares of Coca-Cola stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total value of $3,491,990.16. Following the completion of the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at $13,594,097.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total transaction of $15,063,636.72. Following the sale, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $26,968,753.24. The disclosure for this sale can be found here. Insiders sold 375,407 shares of company stock worth $22,795,742 over the last three months. Company insiders own 0.97% of the company’s stock.

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.