Drive Wealth Management LLC Purchases 367 Shares of The Coca-Cola Company (NYSE:KO)

Drive Wealth Management LLC lifted its position in shares of The Coca-Cola Company (NYSE:KO) by 3.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 10,191 shares of the company’s stock after acquiring an additional 367 shares during the quarter. Drive Wealth Management LLC’s holdings in Coca-Cola were worth $737,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Harvest Portfolios Group Inc. purchased a new position in Coca-Cola during the third quarter valued at approximately $18,383,000. Balentine LLC boosted its position in Coca-Cola by 92.4% during the 3rd quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after acquiring an additional 13,685 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its holdings in shares of Coca-Cola by 104.9% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock valued at $8,351,000 after acquiring an additional 59,503 shares during the period. CIBC Asset Management Inc raised its position in shares of Coca-Cola by 5.8% in the 3rd quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock worth $61,122,000 after acquiring an additional 46,541 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Coca-Cola by 4.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 457,782 shares of the company’s stock worth $32,895,000 after purchasing an additional 21,005 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 brokerages have commented on KO. Royal Bank of Canada boosted their target price 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. Wells Fargo & Company boosted their price objective on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Truist Financial lifted their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Coca-Cola presently has an average rating of “Moderate Buy” and an average price target of $72.36.

Coca-Cola Trading Down 1.3 %

Shares of Coca-Cola stock opened at $61.74 on Monday. The Coca-Cola Company has a 1 year low of $56.70 and a 1 year high of $73.53. 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 stock has a market cap of $265.96 billion, a PE ratio of 25.51, a price-to-earnings-growth ratio of 3.75 and a beta of 0.61. The firm has a fifty day moving average price of $68.63 and a 200 day moving average price of $66.54.

Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.03. The business had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 EPS. Equities research analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current 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 paid a dividend of $0.485 per share. The ex-dividend date is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.14%. Coca-Cola’s payout ratio is 80.17%.

Insider Activity

In other news, EVP Nancy Quan sold 18,484 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the sale, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lisa Chang sold 40,334 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $69.54, for a total value of $2,804,826.36. Following the completion of the sale, the executive vice president now directly owns 74,067 shares in the company, valued at approximately $5,150,619.18. The trade was a 35.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 303,748 shares of company stock valued at $20,677,431 in the last three months. 0.97% of the stock is currently owned by corporate insiders.

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.