Principal Street Partners LLC Sells 20,194 Shares of The Coca-Cola Company (NYSE:KO)

Principal Street Partners LLC trimmed its position in The Coca-Cola Company (NYSE:KO) by 18.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,544 shares of the company’s stock after selling 20,194 shares during the period. Coca-Cola accounts for 1.0% of Principal Street Partners LLC’s investment portfolio, making the stock its 24th biggest position. Principal Street Partners LLC’s holdings in Coca-Cola were worth $6,357,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. New Millennium Group LLC purchased a new position in Coca-Cola during the second quarter worth about $26,000. Quarry LP bought a new stake in shares of Coca-Cola during the 2nd quarter valued at about $27,000. Hara Capital LLC purchased a new position in shares of Coca-Cola during the third quarter worth about $35,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Coca-Cola in the third quarter worth approximately $36,000. Finally, Mount Lucas Management LP purchased a new stake in Coca-Cola in the second quarter valued at approximately $38,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

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 that occurred on 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.97% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on KO shares. Hsbc Global Res raised shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Cfra reissued a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Truist Financial upped their price objective on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Wells Fargo & Company raised 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. Finally, Morgan Stanley cut their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Four 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $72.36.

Coca-Cola Trading Down 0.1 %

Shares of KO opened at $64.34 on Tuesday. The firm has a fifty day simple moving average of $67.63 and a two-hundred day simple moving average of $66.58. The Coca-Cola Company has a twelve month low of $57.47 and a twelve month high of $73.53. The stock has a market capitalization of $277.16 billion, a P/E ratio of 26.60, a PEG ratio of 3.88 and a beta of 0.61. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.03. The company had revenue of $11.85 billion for the quarter, compared to analysts’ expectations 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 period last year, the firm earned $0.74 earnings per share. On average, research analysts anticipate that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is currently 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.