Ipswich Investment Management Co. Inc. Cuts Stock Position in The Coca-Cola Company (NYSE:KO)

Ipswich Investment Management Co. Inc. cut its holdings in shares of The Coca-Cola Company (NYSE:KOFree Report) by 5.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,678 shares of the company’s stock after selling 2,725 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Coca-Cola were worth $3,282,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in KO. Price T Rowe Associates Inc. MD grew its holdings in Coca-Cola by 21.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock valued at $3,016,023,000 after purchasing an additional 8,733,326 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Coca-Cola during the second quarter worth $188,448,000. Pathway Financial Advisers LLC grew its holdings in Coca-Cola by 7,006.8% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,478,487 shares of the company’s stock valued at $178,104,000 after buying an additional 2,443,612 shares in the last quarter. Raymond James & Associates increased its holdings in Coca-Cola by 42.6% during the 2nd quarter. Raymond James & Associates now owns 6,245,331 shares of the company’s stock worth $397,515,000 after acquiring an additional 1,866,348 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in shares of Coca-Cola by 7,792.8% in the third quarter. International Assets Investment Management LLC now owns 1,744,302 shares of the company’s stock worth $125,346,000 after purchasing an additional 1,722,202 shares during the period. 70.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the completion of the sale, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at $15,968,095. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 303,748 shares of company stock worth $20,677,431. Corporate insiders own 0.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Truist Financial raised their target price on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Royal Bank of Canada raised their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Cfra reissued a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Wells Fargo & Company raised their price objective on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, Citigroup upped their target price on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.36.

Check Out Our Latest Research Report on KO

Coca-Cola Stock Performance

NYSE KO opened at $61.73 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The Coca-Cola Company has a 1-year low of $56.70 and a 1-year high of $73.53. The company has a market cap of $265.92 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 3.83 and a beta of 0.61. The stock’s 50 day simple moving average is $68.63 and its 200-day simple moving average is $66.48.

Coca-Cola (NYSE:KOGet Free Report) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.03. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The firm had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. During the same quarter last year, the firm earned $0.74 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. As a group, equities research analysts anticipate that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a dividend yield of 3.14%. Coca-Cola’s dividend payout ratio (DPR) is currently 80.17%.

Coca-Cola Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Coca-Cola (NYSE:KO)

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