Provident Investment Management Inc. Has $1.14 Million Position in The Coca-Cola Company (NYSE:KO)

Provident Investment Management Inc. reduced its position in shares of The Coca-Cola Company (NYSE:KO) by 1.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,900 shares of the company’s stock after selling 300 shares during the period. Provident Investment Management Inc.’s holdings in Coca-Cola were worth $1,139,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Tidemark LLC bought a new position in shares of Coca-Cola during the 4th quarter worth about $26,000. New Millennium Group LLC acquired a new position in shares of Coca-Cola in the second quarter valued at $26,000. Private Wealth Management Group LLC bought a new position in Coca-Cola in the fourth quarter worth $27,000. Redmont Wealth Advisors LLC acquired a new stake in Coca-Cola during the first quarter worth $28,000. Finally, ESL Trust Services LLC bought a new stake in Coca-Cola in the 1st quarter valued at $28,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Nancy Quan sold 18,482 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $68.95, for a total value of $1,274,333.90. Following the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at approximately $15,398,603.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Coca-Cola news, CEO James Quincey sold 102,533 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total value of $7,179,360.66. Following the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $30,987,070.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nancy Quan sold 18,482 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $68.95, for a total value of $1,274,333.90. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $15,398,603.50. The disclosure for this sale can be found here. In the last three months, insiders sold 1,055,606 shares of company stock valued at $584,747,672. 0.97% of the stock is currently owned by insiders.

Analysts Set New Price Targets

KO has been the subject of a number of analyst reports. StockNews.com downgraded shares of Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Bank of America raised their price target on shares of Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Wells Fargo & Company upped their price objective on Coca-Cola from $70.00 to $73.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. raised their target price on Coca-Cola from $68.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Finally, Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.73.

Coca-Cola Trading Up 1.0 %

Shares of NYSE KO opened at $71.87 on Tuesday. The Coca-Cola Company has a 1-year low of $51.55 and a 1-year high of $73.53. The company has a 50-day moving average of $67.65 and a two-hundred day moving average of $63.65. The company has a market cap of $309.75 billion, a PE ratio of 28.75, a P/E/G ratio of 3.94 and a beta of 0.60. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39.

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

Coca-Cola Announces Dividend

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

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.