Spire Wealth Management Reduces Stock Holdings in The Coca-Cola Company (NYSE:KO)

Spire Wealth Management lessened its position in shares of The Coca-Cola Company (NYSE:KO) by 6.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 38,053 shares of the company’s stock after selling 2,777 shares during the period. Spire Wealth Management’s holdings in Coca-Cola were worth $2,369,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harvest Portfolios Group Inc. purchased a new stake in shares of Coca-Cola in the third quarter valued at $18,383,000. Balentine LLC raised its stake in Coca-Cola by 92.4% in the 3rd quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after purchasing an additional 13,685 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its holdings in 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 purchasing an additional 59,503 shares in the last quarter. Fiduciary Alliance LLC boosted its stake in shares of Coca-Cola by 87.7% during the 4th quarter. Fiduciary Alliance LLC now owns 18,189 shares of the company’s stock worth $1,132,000 after purchasing an additional 8,499 shares during the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Coca-Cola by 5.8% during the third quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock worth $61,122,000 after buying an additional 46,541 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Truist Financial upped their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Barclays reduced their price target on Coca-Cola from $73.00 to $66.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. UBS Group dropped their target price on Coca-Cola from $82.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Wells Fargo & Company reduced their target price on Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. lowered their price target on Coca-Cola from $75.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.13.

Insider Activity

In related news, CEO James Quincey sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the transaction, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. The trade was a 22.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.97% of the company’s stock.

Coca-Cola Stock Down 0.9 %

Shares of NYSE KO opened at $63.46 on Monday. The stock has a fifty day moving average price of $62.65 and a 200 day moving average price of $66.38. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The Coca-Cola Company has a 12-month low of $57.93 and a 12-month high of $73.53. The company has a market cap of $273.38 billion, a P/E ratio of 26.22, a P/E/G ratio of 3.52 and a beta of 0.61.

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.