Zega Financial LLC Makes New Investment in The Coca-Cola Company (NYSE:KO)

Zega Financial LLC acquired a new stake in shares of The Coca-Cola Company (NYSE:KO) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 17,158 shares of the company’s stock, valued at approximately $1,092,000.

Several other large investors have also recently made changes to their positions in KO. New Millennium Group LLC purchased a new stake in Coca-Cola during the second quarter valued at $26,000. Tidemark LLC purchased a new position in shares of Coca-Cola in the 4th quarter worth $26,000. ESL Trust Services LLC purchased a new stake in shares of Coca-Cola during the 1st quarter valued at about $28,000. Redmont Wealth Advisors LLC bought a new position in shares of Coca-Cola in the 1st quarter valued at about $28,000. Finally, Frazier Financial Advisors LLC bought a new position in shares of Coca-Cola in the 4th quarter valued at about $31,000. 70.26% of the stock is owned by institutional investors.

Coca-Cola Stock Performance

Coca-Cola stock opened at $71.80 on Wednesday. The company has a market capitalization of $309.31 billion, a PE ratio of 28.72, a P/E/G ratio of 3.93 and a beta of 0.60. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08. The company has a 50 day moving average price of $68.65 and a 200-day moving average price of $64.13. The Coca-Cola Company has a fifty-two week low of $51.55 and a fifty-two week high of $73.53.

Coca-Cola (NYSE:KO) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The firm had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. During the same period last year, the business posted $0.78 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, equities analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.485 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.70%. Coca-Cola’s payout ratio is currently 77.60%.

Insider Buying and Selling

In other Coca-Cola news, EVP Nancy Quan sold 19,304 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $14,507,516.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Bruno Pietracci sold 38,653 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total transaction of $2,667,443.53. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nancy Quan sold 19,304 shares of Coca-Cola stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $14,507,516.80. The disclosure for this sale can be found here. Insiders sold a total of 974,715 shares of company stock valued at $579,704,927 over the last 90 days. Insiders own 0.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Argus upped their price objective on Coca-Cola from $70.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, May 22nd. BNP Paribas started coverage on Coca-Cola in a report on Monday, June 24th. They set an “outperform” rating and a $72.00 price target on the stock. Truist Financial lifted their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company boosted their price objective on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Barclays raised their target price on shares of Coca-Cola from $69.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.07.

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.