Steel Grove Capital Advisors LLC Sells 14,154 Shares of The Coca-Cola Company (NYSE:KO)

Steel Grove Capital Advisors LLC lowered its holdings in The Coca-Cola Company (NYSE:KO) by 15.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,834 shares of the company’s stock after selling 14,154 shares during the quarter. Coca-Cola accounts for about 0.7% of Steel Grove Capital Advisors LLC’s investment portfolio, making the stock its 18th biggest holding. Steel Grove Capital Advisors LLC’s holdings in Coca-Cola were worth $4,891,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Focus Financial Network Inc. ADV bought a new stake in shares of Coca-Cola in the fourth quarter worth $3,255,000. Swedbank AB purchased a new stake in Coca-Cola during the first quarter valued at approximately $102,604,000. Angeles Investment Advisors LLC grew its holdings in Coca-Cola by 2.4% during the fourth quarter. Angeles Investment Advisors LLC now owns 15,812 shares of the company’s stock valued at $932,000 after purchasing an additional 374 shares during the period. Wealth Quarterback LLC lifted its holdings in Coca-Cola by 3.2% during the fourth quarter. Wealth Quarterback LLC now owns 17,454 shares of the company’s stock valued at $1,029,000 after purchasing an additional 537 shares in the last quarter. Finally, BDF Gestion purchased a new stake in Coca-Cola in the 2nd quarter worth $7,421,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Trading Up 1.4 %

NYSE:KO opened at $71.64 on Monday. The firm has a 50 day moving average of $69.13 and a 200 day moving average of $64.37. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.39. The Coca-Cola Company has a 52 week low of $51.55 and a 52 week high of $73.53. The stock has a market capitalization of $308.62 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 3.93 and a beta of 0.60.

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

Coca-Cola Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Friday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is presently 77.60%.

Analyst Upgrades and Downgrades

KO has been the subject of several recent analyst reports. BNP Paribas started coverage on Coca-Cola in a research note on Monday, June 24th. They issued an “outperform” rating and a $72.00 price target for the company. Bank of America boosted their price target on shares of Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Morgan Stanley boosted their target price on Coca-Cola from $70.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. TD Cowen increased their price target on Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Finally, Wells Fargo & Company increased their target price on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.07.

Insider Activity at Coca-Cola

In other Coca-Cola news, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 1,883,546 shares in the company, valued at approximately $1,742,280,050. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the completion of the transaction, the insider now directly owns 1,883,546 shares in the company, valued at $1,742,280,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bruno Pietracci sold 38,653 shares of Coca-Cola stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The disclosure for this sale can be found here. Insiders have sold a total of 974,715 shares of company stock valued at $579,704,927 in the last ninety days. Company insiders own 0.97% of the company’s stock.

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.