Envestnet Portfolio Solutions Inc. Purchases 8,897 Shares of The Coca-Cola Company (NYSE:KO)

Envestnet Portfolio Solutions Inc. increased its holdings in The Coca-Cola Company (NYSE:KO) by 3.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 306,049 shares of the company’s stock after purchasing an additional 8,897 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Coca-Cola were worth $19,480,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Community Bank & Trust Waco Texas increased its stake in Coca-Cola by 0.6% in the first quarter. Community Bank & Trust Waco Texas now owns 30,262 shares of the company’s stock valued at $1,851,000 after purchasing an additional 168 shares during the last quarter. Goelzer Investment Management Inc. boosted its holdings in shares of Coca-Cola by 1.8% in the 4th quarter. Goelzer Investment Management Inc. now owns 9,681 shares of the company’s stock valued at $571,000 after buying an additional 169 shares in the last quarter. Premier Path Wealth Partners LLC grew its position in shares of Coca-Cola by 1.4% in the 1st quarter. Premier Path Wealth Partners LLC now owns 12,009 shares of the company’s stock valued at $729,000 after buying an additional 170 shares during the last quarter. Richardson Financial Services Inc. raised its stake in Coca-Cola by 4.8% during the 1st quarter. Richardson Financial Services Inc. now owns 3,697 shares of the company’s stock worth $226,000 after acquiring an additional 170 shares in the last quarter. Finally, Texas Yale Capital Corp. lifted its position in Coca-Cola by 0.4% in the first quarter. Texas Yale Capital Corp. now owns 48,614 shares of the company’s stock valued at $2,974,000 after acquiring an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on KO. Citigroup lifted their target price on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Truist Financial lifted their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Royal Bank of Canada increased their price objective on Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their target price on shares of Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Finally, Evercore ISI increased their price target on shares of Coca-Cola from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.20.

Coca-Cola Stock Performance

NYSE:KO traded up $0.18 during mid-day trading on Thursday, reaching $68.76. The stock had a trading volume of 4,102,023 shares, compared to its average volume of 13,010,543. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08. The business has a 50 day simple moving average of $64.92 and a 200 day simple moving average of $62.26. The Coca-Cola Company has a twelve month low of $51.55 and a twelve month high of $69.67. The firm has a market capitalization of $296.21 billion, a price-to-earnings ratio of 27.42, a PEG ratio of 3.80 and a beta of 0.59.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. The business had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm earned $0.78 EPS. On average, analysts expect that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.485 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.82%. Coca-Cola’s dividend payout ratio is presently 77.60%.

Insider Activity at Coca-Cola

In other news, EVP Nancy Quan sold 18,482 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the sale, the executive vice president now owns 223,330 shares of the company’s stock, valued at approximately $15,398,603.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Coca-Cola news, insider Nikolaos Koumettis sold 80,891 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $62.34, for a total transaction of $5,042,744.94. Following the completion of the transaction, the insider now directly owns 218,880 shares in the company, valued at approximately $13,644,979.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nancy Quan sold 18,482 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the completion of the sale, the executive vice president now owns 223,330 shares in the company, valued at $15,398,603.50. The disclosure for this sale can be found here. Insiders sold 871,162 shares of company stock worth $571,697,887 over the last 90 days. Company insiders own 0.97% of the company’s stock.

About Coca-Cola

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.