Concurrent Investment Advisors LLC Reduces Stock Position in The Coca-Cola Company (NYSE:KO)

Concurrent Investment Advisors LLC cut its stake in The Coca-Cola Company (NYSE:KO) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 155,496 shares of the company’s stock after selling 17,224 shares during the period. Concurrent Investment Advisors LLC’s holdings in Coca-Cola were worth $9,681,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Harvest Portfolios Group Inc. purchased a new position in Coca-Cola in the third quarter valued at about $18,383,000. Balentine LLC increased its holdings in Coca-Cola by 92.4% in the third quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after buying an additional 13,685 shares in the last quarter. Rice Partnership LLC increased its holdings in Coca-Cola by 7.1% in the fourth quarter. Rice Partnership LLC now owns 102,746 shares of the company’s stock valued at $6,397,000 after buying an additional 6,793 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its holdings in Coca-Cola by 104.9% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock valued at $8,351,000 after buying an additional 59,503 shares in the last quarter. Finally, Fiduciary Alliance LLC increased its holdings in Coca-Cola by 87.7% in the fourth quarter. Fiduciary Alliance LLC now owns 18,189 shares of the company’s stock valued at $1,132,000 after buying an additional 8,499 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. TD Cowen raised shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft raised shares of Coca-Cola from a “hold” rating to a “buy” rating and raised their price objective for the stock from $68.00 to $70.00 in a research note on Thursday, December 12th. Wells Fargo & Company raised their price objective on shares of Coca-Cola from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. dropped their price objective on shares of Coca-Cola from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Finally, Piper Sandler dropped their price objective on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Coca-Cola has a consensus rating of “Moderate Buy” and a consensus price target of $73.82.

Coca-Cola Stock Up 1.5 %

KO stock opened at $70.11 on Thursday. The stock has a market capitalization of $302.00 billion, a P/E ratio of 28.38, a PEG ratio of 3.73 and a beta of 0.61. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.84 and a current ratio of 1.03. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The company has a 50 day moving average price of $63.42 and a two-hundred day moving average price of $66.39.

Coca-Cola (NYSE:KO) last announced its quarterly earnings results on Tuesday, February 11th. The company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. As a group, sell-side analysts expect that The Coca-Cola Company will post 2.96 EPS for the current year.

Coca-Cola Company 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.