Tower Bridge Advisors Sells 2,493 Shares of The Coca-Cola Company (NYSE:KO)

Tower Bridge Advisors decreased its holdings in The Coca-Cola Company (NYSE:KO) by 1.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 161,957 shares of the company’s stock after selling 2,493 shares during the period. Coca-Cola accounts for approximately 1.2% of Tower Bridge Advisors’ holdings, making the stock its 25th biggest holding. Tower Bridge Advisors’ holdings in Coca-Cola were worth $11,638,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in KO. Adero Partners LLC lifted its position in Coca-Cola by 6.6% in the third quarter. Adero Partners LLC now owns 7,468 shares of the company’s stock worth $537,000 after buying an additional 464 shares during the last quarter. Sawgrass Asset Management LLC raised its stake in shares of Coca-Cola by 42.9% in the third quarter. Sawgrass Asset Management LLC now owns 6,941 shares of the company’s stock valued at $499,000 after acquiring an additional 2,085 shares during the period. Schear Investment Advisers LLC lifted its holdings in shares of Coca-Cola by 17.6% in the 3rd quarter. Schear Investment Advisers LLC now owns 7,044 shares of the company’s stock worth $506,000 after acquiring an additional 1,054 shares during the last quarter. Accredited Investors Inc. boosted its stake in shares of Coca-Cola by 40.2% during the 3rd quarter. Accredited Investors Inc. now owns 13,893 shares of the company’s stock worth $998,000 after purchasing an additional 3,987 shares during the period. Finally, Turtle Creek Wealth Advisors LLC grew its holdings in Coca-Cola by 6.8% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 9,468 shares of the company’s stock valued at $680,000 after purchasing an additional 605 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Nancy Quan sold 18,484 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the completion of the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at $15,968,095. This trade represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James Quincey sold 102,533 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the completion of the sale, the chief executive officer now directly owns 442,546 shares in the company, valued at approximately $30,987,070.92. The trade was a 18.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 303,748 shares of company stock valued at $20,677,431. 0.97% of the stock is owned by company insiders.

Coca-Cola Stock Performance

Shares of KO stock opened at $61.74 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53. The firm has a market cap of $265.96 billion, a price-to-earnings ratio of 25.51, a PEG ratio of 3.75 and a beta of 0.61. The company’s 50 day moving average is $68.63 and its 200 day moving average is $66.51. The Coca-Cola Company has a 52-week low of $56.70 and a 52-week high of $73.53.

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

Coca-Cola Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.485 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a yield of 3.14%. Coca-Cola’s dividend payout ratio (DPR) is 80.17%.

Wall Street Analyst Weigh In

KO has been the subject of several recent analyst reports. Hsbc Global Res upgraded Coca-Cola to a “strong-buy” rating in a research report on Friday, September 27th. Wells Fargo & Company boosted their price objective on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Truist Financial lifted their target price on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Cfra restated a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Finally, Barclays reduced their price target on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Coca-Cola presently has a consensus rating of “Moderate Buy” and an average price target of $72.36.

Coca-Cola 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.