Verity Asset Management Inc. Reduces Holdings in The Coca-Cola Company (NYSE:KO)

Verity Asset Management Inc. reduced its holdings in shares of The Coca-Cola Company (NYSE:KO) by 13.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,258 shares of the company’s stock after selling 2,978 shares during the period. Verity Asset Management Inc.’s holdings in Coca-Cola were worth $1,341,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. New Millennium Group LLC bought a new position in shares of Coca-Cola during the 2nd quarter valued at approximately $26,000. Quarry LP bought a new stake in shares of Coca-Cola during the 2nd quarter valued at $27,000. ESL Trust Services LLC bought a new position in Coca-Cola in the 1st quarter worth $28,000. Hara Capital LLC purchased a new stake in Coca-Cola in the 3rd quarter worth $35,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Coca-Cola in the third quarter worth about $36,000. 70.26% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Nancy Quan sold 18,484 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total value of $1,321,606.00. Following the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at $15,968,095. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the sale, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Lisa Chang sold 40,334 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $69.54, for a total transaction of $2,804,826.36. Following the transaction, the executive vice president now owns 74,067 shares in the company, valued at approximately $5,150,619.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 203,748 shares of company stock valued at $14,274,431. Corporate insiders own 0.97% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. TD Cowen upped their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Morgan Stanley cut their target price on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Truist Financial lifted their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. StockNews.com downgraded shares of Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Finally, Wells Fargo & Company boosted their target price on Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Coca-Cola currently has an average rating of “Moderate Buy” and an average price target of $71.80.

Coca-Cola Stock Down 0.1 %

Shares of NYSE:KO opened at $63.66 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The business has a 50 day simple moving average of $69.90 and a two-hundred day simple moving average of $66.43. The Coca-Cola Company has a 1 year low of $56.06 and a 1 year high of $73.53. The firm has a market capitalization of $274.23 billion, a PE ratio of 26.31, a price-to-earnings-growth ratio of 3.96 and a beta of 0.61.

Coca-Cola (NYSE:KO) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03. The company had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. Coca-Cola’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.74 EPS. On average, equities analysts predict that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is presently 80.17%.

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.