Cedar Brook Financial Partners LLC lessened its holdings in shares of The Coca-Cola Company (NYSE:KO – Free Report) by 3.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,059 shares of the company’s stock after selling 190 shares during the period. Cedar Brook Financial Partners LLC’s holdings in Coca-Cola were worth $305,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in KO. Moneta Group Investment Advisors LLC raised its stake in Coca-Cola by 103,297.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 57,734,303 shares of the company’s stock worth $3,672,479,000 after acquiring an additional 57,678,466 shares during the last quarter. Norges Bank purchased a new position in Coca-Cola in the 4th quarter worth $2,937,315,000. Morgan Stanley raised its stake in Coca-Cola by 15.7% in the 4th quarter. Morgan Stanley now owns 79,101,856 shares of the company’s stock worth $5,031,669,000 after acquiring an additional 10,722,435 shares during the last quarter. Gateway Advisory LLC raised its stake in Coca-Cola by 26,580.3% in the 1st quarter. Gateway Advisory LLC now owns 4,330,750 shares of the company’s stock worth $4,331,000 after acquiring an additional 4,314,518 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Coca-Cola by 7.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 58,090,088 shares of the company’s stock worth $3,662,834,000 after acquiring an additional 4,147,833 shares during the last quarter. Hedge funds and other institutional investors own 68.96% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages recently issued reports on KO. Wedbush raised their target price on Coca-Cola from $70.00 to $71.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. HSBC cut their price target on Coca-Cola from $77.00 to $74.00 in a research report on Wednesday, June 7th. StockNews.com assumed coverage on Coca-Cola in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Royal Bank of Canada increased their price target on Coca-Cola from $69.00 to $70.00 in a research report on Thursday, July 27th. Finally, Barclays increased their price target on Coca-Cola from $69.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.33.
Coca-Cola Price Performance
Shares of Coca-Cola stock opened at $58.46 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.14 and a debt-to-equity ratio of 1.29. The Coca-Cola Company has a twelve month low of $54.01 and a twelve month high of $64.99. The business has a 50-day moving average price of $60.57 and a 200 day moving average price of $61.26. The firm has a market cap of $252.78 billion, a PE ratio of 24.06, a P/E/G ratio of 3.43 and a beta of 0.55.
Coca-Cola (NYSE:KO – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.72 by $0.06. Coca-Cola had a return on equity of 43.06% and a net margin of 23.81%. The company had revenue of $12 billion during the quarter, compared to analyst estimates of $11.74 billion. During the same period in the previous year, the business earned $0.70 EPS. Coca-Cola’s quarterly revenue was up 6.2% on a year-over-year basis. Sell-side analysts predict that The Coca-Cola Company will post 2.63 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 2nd. Shareholders of record on Friday, September 15th will be paid a dividend of $0.46 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.84 annualized dividend and a yield of 3.15%. Coca-Cola’s dividend payout ratio (DPR) is currently 75.72%.
Insiders Place Their Bets
In other Coca-Cola news, CFO John Murphy sold 156,290 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $62.10, for a total transaction of $9,705,609.00. Following the completion of the sale, the chief financial officer now directly owns 228,830 shares in the company, valued at approximately $14,210,343. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO John Murphy sold 156,290 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $62.10, for a total transaction of $9,705,609.00. Following the transaction, the chief financial officer now directly owns 228,830 shares in the company, valued at approximately $14,210,343. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Monica Howard Douglas sold 21,074 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $60.90, for a total value of $1,283,406.60. Following the transaction, the senior vice president now owns 18,360 shares in the company, valued at $1,118,124. The disclosure for this sale can be found here. In the last three months, insiders sold 227,364 shares of company stock worth $14,122,016. Corporate insiders own 1.00% of the company’s stock.
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.
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