Manchester Financial Inc. reduced its position in Coca-Cola Co (The) (NYSE:KO) by 90.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,421 shares of the company’s stock after selling 24,152 shares during the quarter. Manchester Financial Inc.’s holdings in Coca-Cola were worth $120,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the company. Diversified Trust Co boosted its holdings in shares of Coca-Cola by 2.0% in the third quarter. Diversified Trust Co now owns 517,853 shares of the company’s stock valued at $25,566,000 after acquiring an additional 9,914 shares during the period. Acorn Financial Advisory Services Inc. ADV boosted its holdings in shares of Coca-Cola by 14.8% in the third quarter. Acorn Financial Advisory Services Inc. ADV now owns 6,175 shares of the company’s stock valued at $305,000 after acquiring an additional 798 shares during the period. Heron Financial Group LLC boosted its holdings in shares of Coca-Cola by 6.7% in the third quarter. Heron Financial Group LLC now owns 5,202 shares of the company’s stock valued at $257,000 after acquiring an additional 328 shares during the period. Raymond James Trust N.A. boosted its holdings in shares of Coca-Cola by 28.6% in the third quarter. Raymond James Trust N.A. now owns 986,782 shares of the company’s stock valued at $48,717,000 after acquiring an additional 219,463 shares during the period. Finally, SL Advisors LLC boosted its holdings in shares of Coca-Cola by 31.0% in the third quarter. SL Advisors LLC now owns 6,749 shares of the company’s stock valued at $333,000 after acquiring an additional 1,599 shares during the period. 65.86% of the stock is owned by institutional investors and hedge funds.
Shares of KO stock opened at $50.03 on Friday. Coca-Cola Co has a fifty-two week low of $36.27 and a fifty-two week high of $60.13. The stock has a market cap of $214.90 billion, a P/E ratio of 23.60, a P/E/G ratio of 5.91 and a beta of 0.55. The business has a fifty day simple moving average of $49.97 and a 200-day simple moving average of $47.25. The company has a quick ratio of 0.96, a current ratio of 1.09 and a debt-to-equity ratio of 1.97.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Monday, November 30th. Coca-Cola’s payout ratio is currently 77.73%.
In related news, Director David B. Weinberg sold 400,000 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $48.42, for a total transaction of $19,368,000.00. Following the sale, the director now owns 355,214 shares of the company’s stock, valued at $17,199,461.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Robert Edward Long sold 37,534 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $48.21, for a total value of $1,809,514.14. Following the sale, the senior vice president now directly owns 82,502 shares in the company, valued at approximately $3,977,421.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 836,439 shares of company stock worth $40,380,407. Corporate insiders own 1.01% of the company’s stock.
Several equities research analysts have recently commented on the company. Bank of America restated a “buy” rating and set a $53.00 price target on shares of Coca-Cola in a research note on Friday, July 17th. Morgan Stanley upgraded Coca-Cola from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $52.00 to $54.00 in a research note on Wednesday, July 22nd. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Coca-Cola from a “hold” rating to a “sell” rating and set a $52.00 price target for the company. in a research note on Tuesday, September 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $54.19.
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; water, enhanced water, and sports drinks; juice, dairy, and plant-based beverages; teas and coffees; and energy drinks. It also offers concentrates, syrups, beverage bases, source waters, and powders/minerals, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
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