Elevate Capital Advisors LLC Buys Shares of 24,348 The Coca-Cola Company (NYSE:KO)

Elevate Capital Advisors LLC purchased a new position in The Coca-Cola Company (NYSE:KO) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 24,348 shares of the company’s stock, valued at approximately $1,516,000. Coca-Cola accounts for approximately 1.3% of Elevate Capital Advisors LLC’s investment portfolio, making the stock its 29th biggest position.

Several other large investors have also recently bought and sold shares of KO. FMR LLC raised its holdings in Coca-Cola by 13.7% during the third quarter. FMR LLC now owns 92,961,376 shares of the company’s stock worth $6,680,205,000 after purchasing an additional 11,206,995 shares in the last quarter. Geode Capital Management LLC lifted its stake in Coca-Cola by 3.3% during the third quarter. Geode Capital Management LLC now owns 92,957,028 shares of the company’s stock valued at $6,664,005,000 after purchasing an additional 2,966,964 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Coca-Cola by 14.5% during the third quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company’s stock worth $2,271,885,000 after buying an additional 4,013,996 shares in the last quarter. Franklin Resources Inc. grew its position in Coca-Cola by 6.1% in the third quarter. Franklin Resources Inc. now owns 27,984,953 shares of the company’s stock worth $1,990,407,000 after buying an additional 1,609,565 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Coca-Cola by 1.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,959,522 shares of the company’s stock valued at $744,600,000 after buying an additional 166,199 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Barclays decreased their target price on Coca-Cola from $73.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Royal Bank of Canada reissued an “outperform” rating and issued a $69.00 price target on shares of Coca-Cola in a research note on Thursday. Morgan Stanley reduced their price objective on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. TD Cowen raised shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and upped their price target for the company from $68.00 to $70.00 in a research report on Thursday, December 12th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $72.19.

Coca-Cola Price Performance

KO opened at $63.84 on Monday. The Coca-Cola Company has a 1 year low of $57.93 and a 1 year high of $73.53. The stock has a fifty day moving average price of $62.53 and a 200 day moving average price of $66.32. 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 stock has a market cap of $275.03 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 3.55 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.