Algert Global LLC Purchases New Holdings in The Coca-Cola Company (NYSE:KO)

Algert Global LLC purchased a new stake in The Coca-Cola Company (NYSE:KO) in the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 80,697 shares of the company’s stock, valued at approximately $5,799,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harvest Portfolios Group Inc. bought a new stake in Coca-Cola during the third quarter worth $18,383,000. Balentine LLC lifted its stake in shares of Coca-Cola by 92.4% in the 3rd quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after acquiring an additional 13,685 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Coca-Cola by 104.9% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock valued at $8,351,000 after acquiring an additional 59,503 shares during the last quarter. CIBC Asset Management Inc lifted its stake in shares of Coca-Cola by 5.8% in the 3rd quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock valued at $61,122,000 after acquiring an additional 46,541 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Coca-Cola by 4.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 457,782 shares of the company’s stock valued at $32,895,000 after acquiring an additional 21,005 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Barclays decreased their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Truist Financial increased their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Cfra restated a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Hsbc Global Res upgraded Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Finally, Morgan Stanley decreased their price objective on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.36.

Insider Buying and Selling at Coca-Cola

In other news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction on Friday, November 8th. The shares were sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following 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 SEC, which is available through this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at $15,968,095. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 160,881 shares of company stock valued at $10,693,244. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Stock Performance

Coca-Cola stock opened at $63.92 on Friday. 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 firm has a 50-day moving average of $67.79 and a 200-day moving average of $66.54. The firm has a market cap of $275.35 billion, a P/E ratio of 26.41, a P/E/G ratio of 3.87 and a beta of 0.61. The Coca-Cola Company has a 1-year low of $57.47 and a 1-year high of $73.53.

Coca-Cola (NYSE:KO) last released its quarterly 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 net margin of 22.45% and a return on equity of 44.01%. The company had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. During the same period in the prior year, the firm earned $0.74 earnings per share. Coca-Cola’s revenue was down .8% on a year-over-year basis. Sell-side analysts expect that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio is 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.