Coca-Cola Company (The) $KO Shares Bought by Ritholtz Wealth Management

Ritholtz Wealth Management raised its holdings in Coca-Cola Company (The) (NYSE:KO) by 7.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 126,196 shares of the company’s stock after purchasing an additional 9,147 shares during the period. Ritholtz Wealth Management’s holdings in Coca-Cola were worth $10,863,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of America Corp DE increased its stake in shares of Coca-Cola by 9.5% in the first quarter. Bank of America Corp DE now owns 44,018,963 shares of the company’s stock worth $3,347,642,000 after buying an additional 3,836,640 shares during the last quarter. OMERS ADMINISTRATION Corp raised its holdings in Coca-Cola by 1,763.2% in the first quarter. OMERS ADMINISTRATION Corp now owns 3,383,332 shares of the company’s stock valued at $257,302,000 after acquiring an additional 3,201,742 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Coca-Cola in the third quarter valued at $260,682,000. Wellington Management Group LLP raised its holdings in Coca-Cola by 9.2% in the second quarter. Wellington Management Group LLP now owns 29,053,752 shares of the company’s stock valued at $2,361,198,000 after acquiring an additional 2,439,026 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt bought a new position in Coca-Cola during the 2nd quarter valued at $197,470,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Stock Performance

KO stock opened at $97.59 on Thursday. The stock’s 50 day simple moving average is $90.45 and its 200 day simple moving average is $83.06. Coca-Cola Company has a 12-month low of $67.27 and a 12-month high of $97.83. The firm has a market cap of $419.82 billion, a P/E ratio of 28.70, a P/E/G ratio of 3.78 and a beta of 0.28. The company has a current ratio of 1.38, a quick ratio of 1.19 and a debt-to-equity ratio of 0.93.

Coca-Cola (NYSE:KO) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Coca-Cola had a net margin of 28.65% and a return on equity of 38.79%. The firm had revenue of $13.35 billion during the quarter, compared to the consensus estimate of $12.92 billion. During the same quarter in the previous year, the company posted $0.82 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. As a group, equities research analysts predict that Coca-Cola Company will post 3.34 EPS for the current year.

Coca-Cola Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, December 1st. Coca-Cola’s dividend payout ratio (DPR) is presently 62.35%.

Key Stories Impacting Coca-Cola

Investors following KO have been watching these stories:

• Positive Sentiment: Articles point to KO’s durable business, strong free cash flow and 64-year dividend-growth streak. One recent comparison argues its 2.3% yield is supported by stronger business fundamentals than Kraft Heinz’s higher yield. Kraft Heinz Yields 6.6% and Coca-Cola Yields 2.3%
• Neutral Sentiment: CFO John Murphy is scheduled to present at the Morgan Stanley Global Consumer & Retail Conference on Dec. 2. The announcement provides an opportunity for investor updates but included no new financial guidance. Conference participation announcement
• Negative Sentiment: KO’s roughly 36% one-year rise has reduced its forward dividend yield to about 2.2%, and commentary cautions that the shares are not cheap. This could limit upside if earnings growth does not keep pace with the stock’s advance. Coca-Cola Stock Is Up 36% in a Year

Insider Transactions at Coca-Cola

In other news, EVP Nancy Quan sold 50,000 shares of Coca-Cola stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $90.39, for a total value of $4,519,500.00. Following the completion of the transaction, the executive vice president directly owned 223,330 shares of the company’s stock, valued at approximately $20,186,798.70. The trade was a 18.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Beatriz Perez sold 67,548 shares of the business’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $94.91, for a total transaction of $6,410,980.68. Following the sale, the executive vice president directly owned 160,428 shares of the company’s stock, valued at approximately $15,226,221.48. This represents a 29.63% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 249,498 shares of company stock worth $23,025,238. 0.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on KO. Citigroup raised their price objective on shares of Coca-Cola from $102.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday, October 28th. The Goldman Sachs Group reissued a “neutral” rating and issued a $86.00 target price (up from $82.00) on shares of Coca-Cola in a research report on Tuesday, July 28th. Deutsche Bank upped their target price on shares of Coca-Cola from $92.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Barclays increased their price target on shares of Coca-Cola from $93.00 to $98.00 and gave the stock an “overweight” rating in a research report on Friday, October 16th. Finally, Jefferies Financial Group lifted their price target on Coca-Cola from $95.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $97.26.

Coca-Cola Company Profile

The Coca-Cola Company (NYSE: KO) is a global beverage company headquartered in Atlanta, Georgia. Founded in 1886, it is best known for Coca-Cola, one of the world’s most recognized soft drink brands. The company owns, licenses, and markets a broad portfolio of beverages, including sparkling soft drinks, water, sports drinks, coffee, tea, juice, dairy and plant-based beverages, and energy drinks. Its brands include Coca-Cola, Diet Coke, Coca-Cola Zero Sugar, Sprite, Fanta, Dasani, smartwater, Powerade, Minute Maid, Simply, fairlife, and Costa Coffee, among others.