State of Michigan Retirement System Sells 4,100 Shares of CocaCola Company (The) $KO

State of Michigan Retirement System decreased its stake in CocaCola Company (The) (NYSE:KO) by 0.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,087,348 shares of the company’s stock after selling 4,100 shares during the quarter. State of Michigan Retirement System’s holdings in CocaCola were worth $76,930,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of KO. New Republic Capital LLC grew its holdings in CocaCola by 1.6% during the first quarter. New Republic Capital LLC now owns 8,662 shares of the company’s stock worth $625,000 after purchasing an additional 139 shares during the period. Alteri Wealth LLC grew its holdings in CocaCola by 2.1% during the first quarter. Alteri Wealth LLC now owns 6,874 shares of the company’s stock worth $492,000 after purchasing an additional 140 shares during the period. Requisite Capital Management LLC grew its holdings in CocaCola by 2.8% during the second quarter. Requisite Capital Management LLC now owns 5,285 shares of the company’s stock worth $377,000 after purchasing an additional 142 shares during the period. BXM Wealth LLC grew its holdings in CocaCola by 4.3% during the first quarter. BXM Wealth LLC now owns 3,532 shares of the company’s stock worth $253,000 after purchasing an additional 144 shares during the period. Finally, MTM Investment Management LLC grew its holdings in CocaCola by 0.3% during the first quarter. MTM Investment Management LLC now owns 50,612 shares of the company’s stock worth $3,637,000 after purchasing an additional 144 shares during the period. Institutional investors own 70.26% of the company’s stock.

Insider Activity

In other CocaCola news, Director Max R. Levchin purchased 7,206 shares of the company’s stock in a transaction dated Friday, October 24th. The stock was bought at an average cost of $69.87 per share, for a total transaction of $503,483.22. Following the completion of the transaction, the director owned 14,267 shares in the company, valued at approximately $996,835.29. This represents a 102.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Monica Howard Douglas sold 13,548 shares of CocaCola stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $69.93, for a total transaction of $947,411.64. Following the completion of the sale, the executive vice president owned 37,725 shares of the company’s stock, valued at approximately $2,638,109.25. The trade was a 26.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.97% of the stock is owned by company insiders.

Analysts Set New Price Targets

KO has been the subject of a number of research analyst reports. BNP Paribas reiterated an “outperform” rating and set a $83.00 price target on shares of CocaCola in a report on Monday, July 21st. TD Cowen lifted their price target on CocaCola from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Evercore ISI reiterated an “outperform” rating on shares of CocaCola in a report on Tuesday, October 21st. UBS Group reduced their price objective on CocaCola from $84.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, September 11th. Finally, Cowen restated a “buy” rating on shares of CocaCola in a report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $78.31.

CocaCola Trading Down 0.1%

Shares of NYSE:KO opened at $68.94 on Friday. CocaCola Company has a 12-month low of $60.62 and a 12-month high of $74.38. The stock has a market cap of $296.56 billion, a PE ratio of 22.83, a P/E/G ratio of 3.57 and a beta of 0.43. The business has a 50 day moving average of $67.73 and a 200-day moving average of $69.67. The company has a quick ratio of 1.00, a current ratio of 1.21 and a debt-to-equity ratio of 1.30.

CocaCola (NYSE:KO) last released its quarterly earnings results on Thursday, March 27th. The company reported $0.55 earnings per share for the quarter. CocaCola had a net margin of 27.34% and a return on equity of 43.62%. The company had revenue of $11.40 billion during the quarter. As a group, equities research analysts forecast that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, December 1st. CocaCola’s payout ratio is presently 67.55%.

CocaCola Profile

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.