Conning Inc. Acquires 72,993 Shares of The Coca-Cola Company (NYSE:KO)

Conning Inc. increased its holdings in shares of The Coca-Cola Company (NYSE:KO) by 13.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 611,599 shares of the company’s stock after purchasing an additional 72,993 shares during the period. Coca-Cola accounts for about 1.3% of Conning Inc.’s holdings, making the stock its 8th biggest holding. Conning Inc.’s holdings in Coca-Cola were worth $38,078,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in KO. Harvest Portfolios Group Inc. acquired a new stake in Coca-Cola during the 3rd quarter valued at $18,383,000. Balentine LLC grew its stake in shares of Coca-Cola by 92.4% during the third 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. Rice Partnership LLC increased its position in shares of Coca-Cola by 7.1% during the fourth quarter. Rice Partnership LLC now owns 102,746 shares of the company’s stock worth $6,397,000 after acquiring an additional 6,793 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Coca-Cola by 104.9% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock worth $8,351,000 after acquiring an additional 59,503 shares in the last quarter. Finally, Fiduciary Alliance LLC boosted its holdings in Coca-Cola by 87.7% in the fourth quarter. Fiduciary Alliance LLC now owns 18,189 shares of the company’s stock valued at $1,132,000 after purchasing an additional 8,499 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Stock Performance

KO stock opened at $63.84 on Friday. The Coca-Cola Company has a 1 year low of $57.93 and a 1 year high of $73.53. The stock has a market capitalization of $275.03 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 3.56 and a beta of 0.61. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The stock’s fifty day moving average is $62.54 and its two-hundred day moving average is $66.32.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on KO. UBS Group cut their target price on Coca-Cola from $82.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft raised 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 report on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $69.00 target price on shares of Coca-Cola in a research report on Thursday. JPMorgan Chase & Co. cut their target price on shares of Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Finally, TD Cowen upgraded Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.19.

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.