Kingsview Wealth Management LLC has increased its stake in the Coca-Cola Company (NYSE: KO) by 12% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now owns 135,162 shares of Coca-Cola after acquiring an additional 14,505 shares. The total value of Kingsview’s holdings in Coca-Cola is approximately $8.96 million.
This stake increase follows a trend among large investors engaging with Coca-Cola. For instance, Headlands Technologies LLC entered a new position in the company during the second quarter, valued at about $26,000. Similarly, Marquette Asset Management LLC and Cloud Capital Management LLC each purchased stakes worth $27,000, while Redmont Wealth Advisors LLC made an investment of $30,000. Notably, institutional investors and hedge funds collectively hold 70.26% of Coca-Cola’s stock.
Coca-Cola Stock Performance and Dividend Announcement
Coca-Cola shares opened at $80.21 on Tuesday. The company maintains a quick ratio of 1.25, a current ratio of 1.46, and a debt-to-equity ratio of 1.23. Over the past twelve months, Coca-Cola has experienced a low of $65.35 and a high of $82.00. The firm boasts a market capitalization of $344.96 billion, with a price-to-earnings ratio of 26.38 and a price-to-earnings-growth ratio of 3.42.
In addition to its stock performance, Coca-Cola recently announced an increase in its quarterly dividend. Shareholders of record on March 13, 2024 will receive a dividend of $0.53, up from the previous $0.51. This dividend will be distributed on April 1, 2024, representing an annualized dividend of $2.12 and a yield of 2.6%. The company’s current dividend payout ratio stands at 67.11%.
Analyst Ratings and Insider Transactions
Coca-Cola has garnered attention from several financial analysts. The Royal Bank of Canada set a price objective of $87.00, while UBS Group raised its target from $82.00 to $87.00, rating the stock as a “buy.” Bank of America adjusted its price target from $78.00 to $80.00, and Barclays increased its target from $77.00 to $83.00, also giving the stock an “overweight” rating. Currently, one analyst rates Coca-Cola as a “Strong Buy,” while fifteen analysts assign a “Buy” rating, leading to an average target price of $84.33.
In terms of insider trading, Monica Howard Douglas, the Executive Vice President, sold 20,000 shares on February 25, 2024, at an average price of $80.16, totaling approximately $1.6 million. Following this sale, her direct ownership decreased by 25.80%, valuing her remaining shares at around $4.61 million. Additionally, CEO James Quincey sold 337,824 shares on February 3, 2024, at an average price of $77.10, amounting to over $26 million. This transaction reduced his ownership by 49.65%.
Coca-Cola’s ongoing performance and strategic decisions continue to attract investor interest, demonstrating the company’s resilience in the competitive beverage market. For those following the stock, recent developments suggest a promising outlook.
