Palumbo Wealth Management LLC Sells 38,112 Shares of The Coca-Cola Company (NYSE:KO)

Palumbo Wealth Management LLC reduced its position in The Coca-Cola Company (NYSE:KO) by 90.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,027 shares of the company’s stock after selling 38,112 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Coca-Cola were worth $251,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hara Capital LLC bought a new position in Coca-Cola in the third quarter valued at approximately $35,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Coca-Cola in the 3rd quarter valued at $36,000. MidAtlantic Capital Management Inc. bought a new position in shares of Coca-Cola in the 3rd quarter valued at $43,000. Retirement Wealth Solutions LLC acquired a new position in shares of Coca-Cola during the 4th quarter worth $37,000. Finally, MilWealth Group LLC bought a new stake in shares of Coca-Cola during the 4th quarter worth $40,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Coca-Cola Stock Performance

Shares of KO stock opened at $68.85 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The business’s 50 day simple moving average is $63.02 and its 200 day simple moving average is $66.37. The stock has a market capitalization of $296.59 billion, a PE ratio of 28.45, a PEG ratio of 3.55 and a beta of 0.61.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. As a group, research analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have commented on KO shares. Royal Bank of Canada reissued an “outperform” rating and set a $69.00 target price on shares of Coca-Cola in a research note on Thursday, February 6th. Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and upped their price objective for the stock from $68.00 to $70.00 in a research report on Thursday, December 12th. JPMorgan Chase & Co. cut their target price on shares of Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Wells Fargo & Company upped their price target on shares of Coca-Cola from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Piper Sandler cut their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $73.82.

Coca-Cola 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.