Clearstead Trust LLC Reduces Position in The Coca-Cola Company (NYSE:KO)

Clearstead Trust LLC lowered its position in The Coca-Cola Company (NYSE:KO) by 4.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,425 shares of the company’s stock after selling 573 shares during the quarter. Clearstead Trust LLC’s holdings in Coca-Cola were worth $855,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Tidemark LLC acquired a new position in Coca-Cola in the fourth quarter valued at about $26,000. New Millennium Group LLC acquired a new position in Coca-Cola in the second quarter valued at about $26,000. Redmont Wealth Advisors LLC acquired a new position in Coca-Cola in the first quarter valued at about $28,000. ESL Trust Services LLC acquired a new position in Coca-Cola in the first quarter valued at about $28,000. Finally, Frazier Financial Advisors LLC acquired a new position in Coca-Cola in the fourth quarter valued at about $31,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Coca-Cola Stock Up 1.0 %

KO stock opened at $72.10 on Tuesday. The company’s 50 day moving average price is $68.47 and its 200 day moving average price is $64.04. 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 Coca-Cola Company has a fifty-two week low of $51.55 and a fifty-two week high of $73.53. The firm has a market capitalization of $310.60 billion, a price-to-earnings ratio of 28.84, a PEG ratio of 3.93 and a beta of 0.60.

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

Coca-Cola Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.485 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.94 annualized dividend and a yield of 2.69%. Coca-Cola’s dividend payout ratio is currently 77.60%.

Analyst Ratings Changes

A number of research firms have commented on KO. Citigroup upped their target price on shares of Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Wells Fargo & Company upped their target price on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday. StockNews.com cut shares of Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Argus increased their price target on shares of Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Finally, Truist Financial increased their price target on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Coca-Cola has a consensus rating of “Moderate Buy” and an average price target of $71.07.

Insider Buying and Selling at Coca-Cola

In other Coca-Cola news, major shareholder Cola Co Coca sold 598,619 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $925.00, for a total value of $553,722,575.00. Following the transaction, the insider now directly owns 1,883,546 shares in the company, valued at $1,742,280,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Nancy Quan sold 19,304 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $14,507,516.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Cola Co Coca sold 598,619 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the transaction, the insider now owns 1,883,546 shares in the company, valued at $1,742,280,050. The disclosure for this sale can be found here. Insiders have sold 974,715 shares of company stock worth $579,704,927 over the last three months. Insiders own 0.97% of the company’s stock.

Coca-Cola 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.