MUFG Securities EMEA plc reduced its stake in shares of The Coca-Cola Company (NYSE:KO – Get Rating) by 96.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,863 shares of the company’s stock after selling 343,187 shares during the period. MUFG Securities EMEA plc’s holdings in Coca-Cola were worth $798,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in KO. Baader Bank INC lifted its position in shares of Coca-Cola by 40.5% in the 1st quarter. Baader Bank INC now owns 52,000 shares of the company’s stock worth $3,224,000 after buying an additional 15,000 shares during the last quarter. Range Financial Group LLC bought a new position in shares of Coca-Cola in the 1st quarter worth about $229,000. Walleye Capital LLC bought a new position in shares of Coca-Cola in the 1st quarter worth about $332,000. Wealthfront Advisers LLC lifted its position in shares of Coca-Cola by 6.0% in the 1st quarter. Wealthfront Advisers LLC now owns 217,732 shares of the company’s stock worth $13,499,000 after buying an additional 12,356 shares during the last quarter. Finally, Continuum Advisory LLC lifted its position in shares of Coca-Cola by 13.4% in the 1st quarter. Continuum Advisory LLC now owns 43,944 shares of the company’s stock worth $1,087,000 after buying an additional 5,182 shares during the last quarter. 68.93% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the stock. UBS Group lifted their price objective on shares of Coca-Cola from $70.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, July 27th. JPMorgan Chase & Co. set a $70.00 target price on shares of Coca-Cola in a research note on Tuesday, July 26th. StockNews.com raised shares of Coca-Cola from a “hold” rating to a “buy” rating in a research note on Saturday, August 6th. Royal Bank of Canada set a $69.00 target price on shares of Coca-Cola in a research note on Tuesday, July 26th. Finally, Credit Suisse Group set a $68.00 price objective on shares of Coca-Cola in a research note on Wednesday, July 20th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Coca-Cola has a consensus rating of “Moderate Buy” and a consensus price target of $69.59.
Coca-Cola Stock Performance
Coca-Cola (NYSE:KO – Get Rating) last posted its earnings results on Tuesday, July 26th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. The firm had revenue of $11.30 billion during the quarter, compared to analysts’ expectations of $10.57 billion. Coca-Cola had a net margin of 23.16% and a return on equity of 42.13%. The company’s revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.68 earnings per share. Research analysts anticipate that The Coca-Cola Company will post 2.46 earnings per share for the current fiscal year.
Coca-Cola Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 16th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Thursday, September 15th. Coca-Cola’s payout ratio is 79.64%.
Insider Transactions at Coca-Cola
In other news, Director Carolyn Everson acquired 983 shares of Coca-Cola stock in a transaction dated Wednesday, July 27th. The stock was acquired at an average cost of $62.29 per share, for a total transaction of $61,231.07. Following the completion of the purchase, the director now owns 1,500 shares of the company’s stock, valued at $93,435. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO James Quincey sold 32,000 shares of the business’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $64.09, for a total transaction of $2,050,880.00. Following the transaction, the chief executive officer now owns 351,737 shares of the company’s stock, valued at $22,542,824.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carolyn Everson bought 983 shares of the company’s stock in a transaction that occurred on Wednesday, July 27th. The shares were bought at an average cost of $62.29 per share, for a total transaction of $61,231.07. Following the transaction, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $93,435. The disclosure for this purchase can be found here. Over the last three months, insiders sold 45,830 shares of company stock worth $2,939,961. 0.98% of the stock is owned by insiders.
The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; flavored and enhanced water, and sports drinks; juice, dairy, and plant-based beverages; tea and coffee; and energy drinks. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
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