Tradewinds Capital Management LLC has reduced its stake in the Coca-Cola Company (NYSE: KO) by 14.1% during the second quarter of 2023. This decision was disclosed in a filing with the Securities and Exchange Commission (SEC). Following the sale of 160 shares, Tradewinds now holds 976 shares of Coca-Cola, valued at approximately $69,000.
Several other institutional investors have also adjusted their positions in Coca-Cola recently. MorganRosel Wealth Management LLC acquired a new stake worth $25,000 in the first quarter. Similarly, 1248 Management LLC and Garde Capital Inc. made new investments of $26,000 and $30,000, respectively. Notably, Mizuho Securities Co. Ltd. increased its stake by 360%, now owning 460 shares valued at $33,000, while Ridgewood Investments LLC raised its stake by 148.4% to hold 477 shares worth $34,000. Currently, institutional investors and hedge funds collectively own 70.26% of Coca-Cola’s stock.
Coca-Cola’s shares opened at $68.45 on Friday. The company’s stock has seen a 52-week low of $60.62 and a high of $74.38. The firm reports a market capitalization of $294.60 billion, a PE ratio of 24.27, and a price-to-earnings-growth ratio of 3.52. The company’s debt-to-equity ratio stands at 1.49, with quick and current ratios of 0.98 and 1.21 respectively.
Dividend Announcement and Analyst Ratings
Coca-Cola has announced a quarterly dividend of $0.51, set to be distributed on December 15, 2023. Investors on record as of December 1, 2023 will receive this payment. This dividend amounts to an annualized total of $2.04, resulting in a dividend yield of 3.0%. The company’s payout ratio is currently 72.34%.
Wall Street analysts have provided various insights regarding Coca-Cola’s stock performance. The Royal Bank of Canada established a price target of $76.00 with an “outperform” rating. UBS Group has lowered its price target from $84.00 to $80.00, maintaining a “buy” rating. JPMorgan Chase & Co. has increased its price objective from $77.00 to $79.00, also assigning an “overweight” rating. Weiss Ratings reaffirmed a “buy (B-)” rating, while Wells Fargo & Company adjusted its target from $78.00 to $75.00, retaining an “overweight” rating. Overall, one analyst rates it as a Strong Buy and fourteen others as Buy, leading to a consensus rating of “Buy” with an average price target of $76.69.
Insider Trading Activity
In related news, insider Nikolaos Koumettis sold 37,396 shares of Coca-Cola on August 5, 2023, at an average price of $69.10, totaling approximately $2,584,063.60. Following this transaction, Koumettis retains 209,513 shares valued at around $14,477,348.30. This sale represented a 15.15% reduction in his position. The transaction has been disclosed in a filing with the SEC.
Coca-Cola is a leading beverage company that manufactures, markets, and sells a diverse range of non-alcoholic beverages worldwide. Its offerings include sparkling soft drinks, fruit juices, water, and plant-based beverages, along with beverage concentrates and syrups for various retailers.
As Coca-Cola continues to navigate the changing landscape of the beverage industry, these developments in investor activity and market performance will be crucial to watch.
