Daymark Wealth Partners LLC has decreased its ownership in the Coca-Cola Company (NYSE: KO) by selling 1,169 shares during the second quarter of 2023. According to the firm’s most recent filing with the Securities and Exchange Commission (SEC), Daymark now holds 123,629 shares, valued at approximately $8,747,000.
This sale comes as part of a broader trend among institutional investors adjusting their positions in Coca-Cola. For instance, MorganRosel Wealth Management LLC acquired a new stake in the beverage giant during the first quarter, valued at around $25,000. Similarly, 1248 Management LLC made a new investment valued at approximately $26,000.
Caitong International Asset Management Co. Ltd made a significant move, increasing its stake by an impressive 5,142.9% in the second quarter, bringing its total to just 367 shares worth about $26,000. Ridgewood Investments LLC also boosted its position by 148.4% in the first quarter, now owning 477 shares valued at $34,000. Overall, institutional investors currently hold 70.26% of Coca-Cola’s stock.
Insider Transactions and Stock Performance
In other developments, Director Max R. Levchin purchased 7,206 shares of Coca-Cola stock on October 24, 2023. The shares were acquired at an average cost of $69.87 each, totaling approximately $503,483.22. Following this transaction, Levchin’s total holdings increased to 14,267 shares, valued at around $996,835.29.
On the other hand, insider Nikolaos Koumettis sold 37,396 shares on August 5, 2023, for an average price of $69.10, resulting in a total transaction of $2,584,063.60. After this sale, Koumettis retained 209,513 shares valued at approximately $14,477,348.30, marking a 15.15% decrease in his ownership.
Insider ownership currently stands at 0.90% of the company’s stock.
Market Overview and Financial Outlook
Coca-Cola’s shares opened at $70.23 on Wednesday, reflecting a 1-year low of $60.62 and a 1-year high of $74.38. The company has a market capitalization of $302.09 billion and a price-to-earnings ratio of 23.25. The firm reported a revenue of $11.40 billion for the quarter ending March 27, 2024, with earnings per share (EPS) of $0.55.
Analysts forecast that Coca-Cola will achieve an EPS of 2.96 for the current fiscal year. The company also announced a quarterly dividend of $0.51 per share, scheduled to be paid on December 15, 2024. Shareholders of record on December 1, 2024, will receive this payment, which translates to an annualized dividend of $2.04 and a yield of 2.9%.
As Coca-Cola continues to navigate the market, the company’s dividend payout ratio currently stands at 67.55%, indicating a strong commitment to returning value to shareholders.
The Coca-Cola Company is a global leader in the beverage industry, producing a variety of nonalcoholic drinks, including sparkling soft drinks, juices, and plant-based beverages. With ongoing adjustments from institutional investors and continued insider transactions, Coca-Cola remains a closely watched entity in the financial markets.
