Prosperity Financial Group Inc. Lowers Position in CocaCola Company (The) $KO

Prosperity Financial Group Inc. cut its stake in shares of CocaCola Company (The) (NYSE:KO) by 8.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,809 shares of the company’s stock after selling 354 shares during the period. Prosperity Financial Group Inc.’s holdings in CocaCola were worth $269,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in KO. MorganRosel Wealth Management LLC purchased a new position in shares of CocaCola in the first quarter valued at about $25,000. 1248 Management LLC purchased a new position in shares of CocaCola in the first quarter valued at about $26,000. Ridgewood Investments LLC lifted its position in shares of CocaCola by 148.4% in the first quarter. Ridgewood Investments LLC now owns 477 shares of the company’s stock valued at $34,000 after acquiring an additional 285 shares in the last quarter. GFG Capital LLC purchased a new position in shares of CocaCola in the second quarter valued at about $34,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of CocaCola in the first quarter valued at about $42,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

CocaCola Price Performance

NYSE:KO opened at $70.75 on Thursday. The company has a current ratio of 1.21, a quick ratio of 0.98 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $304.47 billion, a P/E ratio of 23.43, a P/E/G ratio of 3.71 and a beta of 0.43. CocaCola Company has a 12 month low of $60.62 and a 12 month high of $74.38. The business’s 50-day moving average is $67.81 and its 200 day moving average is $69.70.

CocaCola (NYSE:KO) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.55 earnings per share for the quarter. CocaCola had a return on equity of 45.63% and a net margin of 27.34%.The company had revenue of $11.40 billion for the quarter. On average, equities research analysts forecast that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, December 1st. CocaCola’s payout ratio is presently 72.34%.

Insiders Place Their Bets

In other CocaCola news, insider Nikolaos Koumettis sold 37,396 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $69.10, for a total transaction of $2,584,063.60. Following the sale, the insider directly owned 209,513 shares of the company’s stock, valued at $14,477,348.30. The trade was a 15.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.97% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on KO. Wells Fargo & Company boosted their price objective on CocaCola from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their price objective on CocaCola from $77.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday, July 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of CocaCola in a research report on Wednesday, October 8th. Piper Sandler boosted their target price on CocaCola from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Cowen reiterated a “buy” rating on shares of CocaCola in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the stock. Based on data from MarketBeat.com, CocaCola has an average rating of “Buy” and a consensus price target of $78.00.

About CocaCola

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.