Perennial Investment Advisors Expands Stake in Coca-Cola to $3.17 Million

Perennial Investment Advisors LLC has increased its investment in the Coca-Cola Company (NYSE: KO) by 2.0% during the second quarter of 2023, raising its total holdings to approximately $3.17 million. The firm now owns 44,791 shares of Coca-Cola’s stock after acquiring an additional 864 shares during this period.

Several other institutional investors have also adjusted their positions in Coca-Cola. Diversified Portfolios Inc. purchased a new stake valued at $318,000, while Semus Wealth Partners LLC raised its holdings by 2.3%, owning 7,139 shares valued at $505,000 after a recent acquisition of 160 shares. Portside Wealth Group LLC increased its stake by 1.7%, now holding 43,528 shares worth $3.08 million. United Advisor Group LLC saw a 5.3% increase, owning 11,355 shares valued at $805,000 after purchasing 576 shares. Vanguard Group Inc. remains the largest shareholder, with 367,441,971 shares valued at approximately $25.99 billion.

Coca-Cola Stock Performance and Analyst Ratings

Coca-Cola’s stock opened at $70.70 on Tuesday, October 24, 2023, experiencing a slight decline of 0.6%. The company has recorded a one-year low of $60.62 and a one-year high of $74.38, with a market capitalization of $304.12 billion. The firm’s current ratio stands at 1.21, while the debt-to-equity ratio is 1.30. The price-to-earnings (P/E) ratio is noted at 23.41, with a price-to-earnings-growth (PEG) ratio of 3.57.

Wall Street analysts have largely endorsed Coca-Cola, with Cowen reaffirming a “buy” rating on October 22, 2023. Weiss Ratings echoed this sentiment, issuing a “buy (B-)” rating on October 8, 2023. Royal Bank of Canada set a price target of $76.00, while JPMorgan Chase & Co. increased their target from $77.00 to $79.00, both maintaining “outperform” ratings. Overall, the consensus rating is “buy” with an average price target of $78.43, according to MarketBeat.com.

Dividend Announcement and Insider Trading

Coca-Cola recently announced a quarterly dividend of $0.51 per share, scheduled for distribution on December 15, 2023. Shareholders of record on December 1, 2023 will qualify for this payment, translating to an annualized dividend of $2.04 and a dividend yield of 2.9%. The company’s payout ratio currently stands at 67.55%.

In related news, several executives have sold shares recently. Executive Vice President Monica Howard Douglas sold 13,548 shares on October 24, 2023, at an average price of $69.93, totaling about $947,411.64. Following this transaction, she holds 37,725 shares valued at approximately $2.64 million. Additionally, Chief Operating Officer Henrique Braun sold 40,390 shares on November 11, 2023, at an average price of $70.93, amounting to around $2.86 million.

Over the past ninety days, insiders have sold a total of 193,627 shares, worth approximately $13.7 million, while company insiders maintain ownership of 0.97% of the stock.

The Coca-Cola Company, recognized globally for its diverse range of nonalcoholic beverages, continues to attract interest from institutional investors and analysts alike, reflecting confidence in its market position and growth potential.