Everence Capital Management Inc. Sells 8,940 Shares of The Coca-Cola Company (NYSE:KO)

Everence Capital Management Inc. lowered its stake in shares of The Coca-Cola Company (NYSE:KO) by 9.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 85,620 shares of the company’s stock after selling 8,940 shares during the quarter. Everence Capital Management Inc.’s holdings in Coca-Cola were worth $5,331,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of Coca-Cola during the second quarter valued at approximately $27,000. Hara Capital LLC bought a new position in Coca-Cola in the 3rd quarter worth approximately $35,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in Coca-Cola during the 3rd quarter worth $36,000. Mount Lucas Management LP bought a new position in Coca-Cola in the 2nd quarter valued at $38,000. Finally, MidAtlantic Capital Management Inc. acquired a new stake in shares of Coca-Cola in the 3rd quarter valued at $43,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Buying and Selling at Coca-Cola

In other news, CEO James Quincey sold 100,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $64.03, for a total value of $6,403,000.00. Following the completion of the transaction, the chief executive officer now owns 342,546 shares in the company, valued at $21,933,220.38. This trade represents a 22.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.97% of the company’s stock.

Coca-Cola Stock Up 0.3 %

Shares of KO stock traded up $0.17 during trading hours on Friday, hitting $62.01. 2,487,691 shares of the company were exchanged, compared to its average volume of 7,565,229. The Coca-Cola Company has a 52 week low of $57.93 and a 52 week high of $73.53. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The business has a 50 day moving average of $63.47 and a two-hundred day moving average of $66.53. The company has a market capitalization of $267.13 billion, a PE ratio of 25.62, a PEG ratio of 3.83 and a beta of 0.61.

Coca-Cola (NYSE:KO) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The firm had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.61 billion. During the same quarter in the prior year, the company earned $0.74 EPS. The company’s revenue was down .8% on a year-over-year basis. Analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Friday, November 29th. Coca-Cola’s dividend payout ratio is presently 80.17%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on KO. Morgan Stanley cut their price target on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Truist Financial upped their target price on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and lifted their price target for the stock from $68.00 to $70.00 in a research report on Thursday, December 12th. Barclays cut their price objective on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Coca-Cola presently has an average rating of “Moderate Buy” and a consensus target price of $72.50.

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.