Summit Asset Management LLC Sells 299 Shares of The Coca-Cola Company (NYSE:KO)

Summit Asset Management LLC lowered its position in The Coca-Cola Company (NYSE:KO) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,066 shares of the company’s stock after selling 299 shares during the period. Summit Asset Management LLC’s holdings in Coca-Cola were worth $1,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Investment Partners Asset Management Inc. lifted its position in shares of Coca-Cola by 2.2% in the third quarter. Investment Partners Asset Management Inc. now owns 6,956 shares of the company’s stock worth $500,000 after buying an additional 150 shares in the last quarter. First Bank & Trust lifted its position in shares of Coca-Cola by 0.6% in the third quarter. First Bank & Trust now owns 27,878 shares of the company’s stock worth $2,003,000 after buying an additional 160 shares in the last quarter. Wells Trecaso Financial Group LLC lifted its position in shares of Coca-Cola by 4.8% in the fourth quarter. Wells Trecaso Financial Group LLC now owns 3,616 shares of the company’s stock worth $225,000 after buying an additional 164 shares in the last quarter. Atlas Brown Inc. lifted its position in shares of Coca-Cola by 0.8% in the fourth quarter. Atlas Brown Inc. now owns 21,024 shares of the company’s stock worth $1,309,000 after buying an additional 166 shares in the last quarter. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO lifted its position in shares of Coca-Cola by 0.4% in the fourth quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 39,198 shares of the company’s stock worth $2,440,000 after buying an additional 169 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Jefferies Financial Group upgraded Coca-Cola from a “hold” rating to a “buy” rating and upped their price objective for the company from $69.00 to $75.00 in a research report on Thursday, January 30th. Evercore ISI upped their price objective on Coca-Cola from $72.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Royal Bank of Canada restated an “outperform” rating and set a $69.00 price objective on shares of Coca-Cola in a research report on Thursday, February 6th. Piper Sandler decreased their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Finally, Barclays upped their price objective on Coca-Cola from $66.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $73.82.

Coca-Cola Stock Performance

Shares of KO stock opened at $71.37 on Friday. The firm has a market capitalization of $307.46 billion, a price-to-earnings ratio of 28.90, a price-to-earnings-growth ratio of 3.79 and a beta of 0.61. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84. The business has a fifty day moving average of $63.71 and a 200 day moving average of $66.42. The Coca-Cola Company has a 1 year low of $57.93 and a 1 year high of $73.53.

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

Coca-Cola Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given 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 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Friday, March 14th. Coca-Cola’s dividend payout ratio (DPR) is currently 78.54%.

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.