Independence Bank of Kentucky Sells 1,681 Shares of The Coca-Cola Co (KO)
Independence Bank of Kentucky cut its stake in shares of The Coca-Cola Co (NYSE:KO) by 4.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 35,522 shares of the company’s stock after selling 1,681 shares during the period. The Coca-Cola comprises approximately 1.3% of Independence Bank of Kentucky’s holdings, making the stock its 26th largest position. Independence Bank of Kentucky’s holdings in The Coca-Cola were worth $1,558,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Nicola Wealth Management LTD. acquired a new stake in shares of The Coca-Cola in the second quarter valued at about $2,225,000. Private Wealth Advisors Inc. grew its holdings in The Coca-Cola by 2.4% during the 2nd quarter. Private Wealth Advisors Inc. now owns 56,259 shares of the company’s stock worth $2,468,000 after acquiring an additional 1,323 shares in the last quarter. Cedar Capital LLC grew its holdings in The Coca-Cola by 23.8% during the 2nd quarter. Cedar Capital LLC now owns 13,647 shares of the company’s stock worth $599,000 after acquiring an additional 2,628 shares in the last quarter. Nicholas Hoffman & Company LLC. grew its holdings in The Coca-Cola by 13.3% during the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 189,644 shares of the company’s stock worth $8,318,000 after acquiring an additional 22,212 shares in the last quarter. Finally, Greenleaf Trust grew its holdings in The Coca-Cola by 17.3% during the 2nd quarter. Greenleaf Trust now owns 37,589 shares of the company’s stock worth $1,649,000 after acquiring an additional 5,531 shares in the last quarter. Institutional investors and hedge funds own 65.41% of the company’s stock.
Shares of NYSE KO traded up $0.16 during midday trading on Friday, reaching $45.99. 7,550,289 shares of the company traded hands, compared to its average volume of 10,277,337. The company has a quick ratio of 1.06, a current ratio of 1.15 and a debt-to-equity ratio of 1.39. The Coca-Cola Co has a 52 week low of $41.45 and a 52 week high of $48.62. The stock has a market cap of $197.26 billion, a P/E ratio of 23.47, a P/E/G ratio of 2.85 and a beta of 0.74.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, September 13th. This represents a $1.56 annualized dividend and a yield of 3.39%. The Coca-Cola’s dividend payout ratio (DPR) is presently 81.68%.
Several research firms recently commented on KO. Jefferies Financial Group reiterated a “neutral” rating and issued a $44.00 price target on shares of The Coca-Cola in a research report on Friday, May 25th. Macquarie restated a “neutral” rating and set a $47.00 price objective on shares of The Coca-Cola in a research report on Wednesday, June 13th. Zacks Investment Research downgraded shares of The Coca-Cola from a “hold” rating to a “sell” rating in a report on Tuesday, June 26th. Stifel Nicolaus reiterated a “neutral” rating and issued a $49.00 price target on shares of The Coca-Cola in a report on Monday, July 16th. Finally, JPMorgan Chase & Co. reissued a “$45.12” rating and issued a $49.00 price objective on shares of The Coca-Cola in a research note on Wednesday, July 18th. Fourteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $50.31.
In other news, VP Kathy N. Waller sold 48,354 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $46.45, for a total transaction of $2,246,043.30. Following the completion of the transaction, the vice president now directly owns 200,725 shares in the company, valued at $9,323,676.25. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Murphy sold 56,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 25th. The stock was sold at an average price of $46.48, for a total value of $2,602,880.00. Following the transaction, the insider now owns 140,869 shares of the company’s stock, valued at $6,547,591.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 215,822 shares of company stock worth $10,027,727. Company insiders own 1.48% of the company’s stock.
The Coca-Cola Company Profile
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides water, enhanced water, and sports drinks; juices; juice, dairy, and plant?based beverages; teas and coffees; and energy drinks. It also offers concentrates, syrups, beverage bases, source waters, and powders/minerals, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
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