Prudential Financial Inc. Reduces Stock Position in The Coca-Cola Company (NYSE:KO)

Prudential Financial Inc. trimmed its position in The Coca-Cola Company (NYSE:KO) by 6.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,205,013 shares of the company’s stock after selling 278,003 shares during the period. Prudential Financial Inc. owned about 0.10% of Coca-Cola worth $261,804,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Crowley Wealth Management Inc. acquired a new stake in Coca-Cola during the 4th quarter worth approximately $27,000. Mainstream Capital Management LLC acquired a new position in shares of Coca-Cola during the 4th quarter valued at $31,000. Retirement Wealth Solutions LLC purchased a new stake in Coca-Cola during the 4th quarter worth $37,000. MilWealth Group LLC acquired a new stake in Coca-Cola in the 4th quarter valued at $40,000. Finally, Sugar Maple Asset Management LLC purchased a new position in Coca-Cola in the fourth quarter valued at about $43,000. 70.26% of the stock is owned by institutional investors and hedge funds.

Coca-Cola Stock Performance

KO stock opened at $68.58 on Monday. The stock has a market capitalization of $295.12 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 3.79 and a beta of 0.57. The stock’s fifty day moving average is $67.00 and its two-hundred day moving average is $66.43. The Coca-Cola Company has a 1 year low of $57.93 and a 1 year high of $73.53. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.84 and a current ratio of 1.03.

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

Coca-Cola Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.97%. This is an increase from Coca-Cola’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend is Friday, March 14th. Coca-Cola’s dividend payout ratio is presently 82.59%.

Insider Transactions at Coca-Cola

In other Coca-Cola news, CEO James Quincey sold 145,435 shares of Coca-Cola stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 342,546 shares in the company, valued at approximately $24,324,191.46. The trade was a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bruno Pietracci sold 19,058 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $70.56, for a total value of $1,344,732.48. The disclosure for this sale can be found here. Insiders have sold 313,423 shares of company stock valued at $22,263,071 in the last quarter. Insiders own 0.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on KO shares. Piper Sandler increased their target price on Coca-Cola from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. JPMorgan Chase & Co. dropped their price objective on shares of Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. DZ Bank upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft raised shares of Coca-Cola from a “hold” rating to a “buy” rating and lifted their price target for the stock from $68.00 to $70.00 in a research note on Thursday, December 12th. Finally, UBS Group raised their target price on Coca-Cola from $72.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.24.

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.