Griffin Asset Management Inc. Sells 3,875 Shares of The Coca-Cola Company (NYSE:KO)

Griffin Asset Management Inc. decreased its stake in shares of The Coca-Cola Company (NYSE:KO) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 153,536 shares of the company’s stock after selling 3,875 shares during the period. Coca-Cola comprises about 1.3% of Griffin Asset Management Inc.’s holdings, making the stock its 20th largest position. Griffin Asset Management Inc.’s holdings in Coca-Cola were worth $10,996,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Azzad Asset Management Inc. ADV purchased a new position in Coca-Cola in the first quarter worth $2,892,000. Goldstone Financial Group LLC bought a new stake in shares of Coca-Cola during the 1st quarter valued at $206,000. CVA Family Office LLC raised its stake in shares of Coca-Cola by 3.1% during the 1st quarter. CVA Family Office LLC now owns 38,570 shares of the company’s stock valued at $2,762,000 after purchasing an additional 1,156 shares during the period. Elevation Point Wealth Partners LLC raised its stake in shares of Coca-Cola by 83.3% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 26,867 shares of the company’s stock valued at $1,924,000 after purchasing an additional 12,211 shares during the period. Finally, Krilogy Financial LLC increased its stake in Coca-Cola by 5.3% in the 1st quarter. Krilogy Financial LLC now owns 11,548 shares of the company’s stock worth $827,000 after acquiring an additional 584 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 266,403 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $72.06, for a total value of $19,197,000.18. Following the sale, the chief executive officer now directly owns 275,946 shares in the company, valued at approximately $19,884,668.76. The trade was a 49.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John Murphy sold 88,658 shares of the business’s stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $72.09, for a total value of $6,391,355.22. Following the completion of the sale, the chief financial officer now owns 205,511 shares in the company, valued at $14,815,287.99. This represents a 30.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 415,387 shares of company stock worth $29,923,985. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Stock Down 1.8%

Coca-Cola stock opened at $70.94 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 1.61. The Coca-Cola Company has a 12 month low of $60.62 and a 12 month high of $74.38. The firm has a market cap of $305.36 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 3.79 and a beta of 0.46. The stock has a fifty day simple moving average of $71.56 and a two-hundred day simple moving average of $67.84.

Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.71 by $0.02. The company had revenue of $11.13 billion during the quarter, compared to analyst estimates of $11.23 billion. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. Coca-Cola’s revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 earnings per share. Equities analysts predict that The Coca-Cola Company will post 2.96 EPS for the current fiscal year.

Coca-Cola Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.04 annualized dividend and a yield of 2.88%. Coca-Cola’s dividend payout ratio (DPR) is presently 81.60%.

Analysts Set New Price Targets

Several brokerages have recently commented on KO. UBS Group increased their price objective on Coca-Cola from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Morgan Stanley reiterated an “overweight” rating and issued a $81.00 price objective on shares of Coca-Cola in a report on Monday, June 9th. Cfra Research upgraded Coca-Cola to a “strong-buy” rating in a report on Tuesday, April 15th. Royal Bank of Canada raised their target price on Coca-Cola from $73.00 to $76.00 and gave the company an “outperform” rating in a research note on Wednesday, April 30th. Finally, Barclays restated an “overweight” rating on shares of Coca-Cola in a research note on Thursday, March 27th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $76.00.

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.