Summit Financial LLC Buys 10,005 Shares of The Coca-Cola Company (NYSE:KO)

Summit Financial LLC lifted its holdings in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 97,757 shares of the company's stock after purchasing an additional 10,005 shares during the period. Summit Financial LLC's holdings in Coca-Cola were worth $6,086,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. bought a new position in shares of Coca-Cola in the fourth quarter worth approximately $27,000. Mainstream Capital Management LLC purchased a new position in shares of Coca-Cola in the fourth quarter valued at about $31,000. Retirement Wealth Solutions LLC bought a new position in shares of Coca-Cola during the fourth quarter valued at about $37,000. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Coca-Cola during the fourth quarter worth about $38,000. Finally, Hoey Investments Inc. grew its stake in shares of Coca-Cola by 41.9% in the fourth quarter. Hoey Investments Inc. now owns 613 shares of the company's stock worth $38,000 after purchasing an additional 181 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Insider Activity

In other Coca-Cola news, insider Bruno Pietracci sold 19,058 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $70.56, for a total value of $1,344,732.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nikolaos Koumettis sold 54,708 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $70.96, for a total transaction of $3,882,079.68. Following the sale, the insider now owns 246,909 shares in the company, valued at $17,520,662.64. The trade was a 18.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 313,423 shares of company stock valued at $22,263,071 in the last quarter. 0.97% of the stock is currently owned by insiders.

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Wall Street Analysts Forecast Growth

KO has been the subject of several research analyst reports. Morgan Stanley increased their price objective on Coca-Cola from $76.00 to $78.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. DZ Bank raised shares of Coca-Cola from a "hold" rating to a "buy" rating and set a $75.00 price objective on the stock in a research report on Thursday, February 13th. Piper Sandler boosted their price target on shares of Coca-Cola from $73.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. Evercore ISI raised their price objective on shares of Coca-Cola from $72.00 to $75.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group upgraded Coca-Cola from a "hold" rating to a "buy" rating and upped their target price for the stock from $69.00 to $75.00 in a report on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $74.24.

Coca-Cola Stock Performance

Shares of NYSE KO traded up $0.23 during trading on Tuesday, reaching $71.85. 15,303,617 shares of the company traded hands, compared to its average volume of 14,940,013. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.61. The firm has a 50 day simple moving average of $67.95 and a 200-day simple moving average of $66.38. The Coca-Cola Company has a 52-week low of $57.93 and a 52-week high of $73.53. The stock has a market capitalization of $309.21 billion, a PE ratio of 29.09, a P/E/G ratio of 3.79 and a beta of 0.57.

Coca-Cola (NYSE:KO - Get Free Report) last posted its earnings results on Tuesday, February 11th. The company reported $0.55 EPS for the quarter, topping 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%. Equities research analysts anticipate that The Coca-Cola Company will post 2.96 earnings per share for the current year.

Coca-Cola Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.51 per share. This is an increase from Coca-Cola's previous quarterly dividend of $0.49. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, March 14th. Coca-Cola's payout ratio is currently 82.59%.

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.