Quarry LP Purchases New Position in The Coca-Cola Company (NYSE:KO)

Quarry LP acquired a new position in The Coca-Cola Company (NYSE:KO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 418 shares of the company’s stock, valued at approximately $27,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in KO. New Millennium Group LLC purchased a new stake in shares of Coca-Cola in the second quarter worth approximately $26,000. Redmont Wealth Advisors LLC bought a new position in shares of Coca-Cola during the first quarter valued at approximately $28,000. ESL Trust Services LLC purchased a new position in shares of Coca-Cola in the 1st quarter valued at $28,000. DiNuzzo Private Wealth Inc. grew its stake in Coca-Cola by 65.0% in the first quarter. DiNuzzo Private Wealth Inc. now owns 523 shares of the company’s stock valued at $32,000 after purchasing an additional 206 shares during the last quarter. Finally, Mount Lucas Management LP bought a new position in shares of Coca-Cola during the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Coca-Cola Stock Down 1.7 %

Shares of KO opened at $69.01 on Tuesday. The Coca-Cola Company has a one year low of $52.11 and a one year high of $73.53. The stock has a market capitalization of $297.29 billion, a price-to-earnings ratio of 27.60, a PEG ratio of 3.97 and a beta of 0.60. The stock has a 50 day moving average price of $70.35 and a 200 day moving average price of $65.15. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08.

Coca-Cola (NYSE:KO) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The company had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. During the same quarter in the prior year, the company earned $0.78 EPS. Coca-Cola’s revenue was up 3.3% compared to the same quarter last year. Equities research analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $0.485 per share. The ex-dividend date was Friday, September 13th. This represents a $1.94 annualized dividend and a dividend yield of 2.81%. Coca-Cola’s dividend payout ratio is presently 77.60%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Citigroup raised their price target on shares of Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Truist Financial increased their price target on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. lifted their price objective on shares of Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Cfra reiterated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Finally, Wells Fargo & Company raised their target price on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Coca-Cola has an average rating of “Moderate Buy” and an average target price of $71.07.

Insiders Place Their Bets

In other news, EVP Nancy Quan sold 19,304 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total value of $1,253,987.84. Following the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at $14,507,516.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Coca-Cola news, EVP Nancy Quan sold 19,304 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $14,507,516.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Quincey sold 102,533 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total value of $7,179,360.66. Following the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $30,987,070.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 376,096 shares of company stock valued at $25,982,352 over the last ninety days. Company insiders own 0.97% of the company’s stock.

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.