Fortitude Financial LLC Purchases Shares of 11,932 CocaCola Company (The) $KO

Fortitude Financial LLC acquired a new position in CocaCola Company (The) (NYSE:KO) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 11,932 shares of the company’s stock, valued at approximately $844,000. CocaCola accounts for 0.5% of Fortitude Financial LLC’s investment portfolio, making the stock its 18th biggest holding.

Several other hedge funds and other institutional investors have also modified their holdings of KO. Caldwell Trust Co acquired a new stake in CocaCola during the 2nd quarter worth approximately $4,017,000. Watts Gwilliam & Co. LLC grew its stake in CocaCola by 15.5% during the second quarter. Watts Gwilliam & Co. LLC now owns 12,425 shares of the company’s stock worth $826,000 after buying an additional 1,667 shares during the period. Canal Capital Management LLC increased its position in shares of CocaCola by 11.2% in the second quarter. Canal Capital Management LLC now owns 22,244 shares of the company’s stock worth $1,574,000 after acquiring an additional 2,235 shares in the last quarter. NWF Advisory Services Inc. lifted its holdings in shares of CocaCola by 10.8% during the 2nd quarter. NWF Advisory Services Inc. now owns 43,733 shares of the company’s stock valued at $3,094,000 after acquiring an additional 4,261 shares in the last quarter. Finally, V. M. Manning & CO. Inc. purchased a new stake in CocaCola during the 2nd quarter worth $492,000. 70.26% of the stock is owned by institutional investors and hedge funds.

CocaCola Price Performance

Shares of NYSE KO opened at $70.51 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.21 and a debt-to-equity ratio of 1.30. CocaCola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38. The business has a 50 day moving average price of $69.85 and a two-hundred day moving average price of $69.47. The firm has a market cap of $303.29 billion, a PE ratio of 23.35, a price-to-earnings-growth ratio of 3.92 and a beta of 0.39.

CocaCola (NYSE:KO) last released its earnings results on Thursday, March 27th. The company reported $0.55 EPS for the quarter. CocaCola had a return on equity of 43.62% and a net margin of 27.34%.The company had revenue of $11.40 billion during the quarter. Sell-side analysts expect that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a $0.51 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $2.04 annualized dividend and a dividend yield of 2.9%. CocaCola’s payout ratio is presently 67.55%.

Analysts Set New Price Targets

A number of research analysts have commented on KO shares. Cowen restated a “buy” rating on shares of CocaCola in a research note on Wednesday, October 22nd. TD Cowen raised their target price on CocaCola from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. Bank of America upped their price target on CocaCola from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Wells Fargo & Company lifted their price objective on shares of CocaCola from $75.00 to $79.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Finally, Piper Sandler boosted their target price on shares of CocaCola from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $79.08.

Insiders Place Their Bets

In other CocaCola news, COO Henrique Braun sold 40,390 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $70.93, for a total transaction of $2,864,862.70. Following the sale, the chief operating officer owned 62,621 shares in the company, valued at $4,441,707.53. This represents a 39.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Max R. Levchin bought 7,206 shares of the firm’s stock in a transaction dated Friday, October 24th. The stock was purchased at an average price of $69.87 per share, with a total value of $503,483.22. Following the transaction, the director owned 14,267 shares in the company, valued at approximately $996,835.29. This represents a 102.05% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 225,252 shares of company stock worth $15,953,007. Company insiders own 0.90% of the company’s stock.

About CocaCola

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.