Gardner Russo & Gardner LLC trimmed its stake in The Coca-Cola Co (NYSE:KO) by 2.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 119,308 shares of the company’s stock after selling 2,675 shares during the period. Gardner Russo & Gardner LLC’s holdings in The Coca-Cola were worth $5,511,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. FMR LLC raised its stake in shares of The Coca-Cola by 2.3% in the 3rd quarter. FMR LLC now owns 50,012,668 shares of the company’s stock valued at $2,310,085,000 after acquiring an additional 1,116,190 shares in the last quarter. Morgan Stanley increased its position in The Coca-Cola by 3.6% in the 2nd quarter. Morgan Stanley now owns 38,959,393 shares of the company’s stock worth $1,708,760,000 after buying an additional 1,336,852 shares during the period. Janus Henderson Group PLC increased its position in The Coca-Cola by 1.9% in the 2nd quarter. Janus Henderson Group PLC now owns 15,923,120 shares of the company’s stock worth $698,396,000 after buying an additional 299,933 shares during the period. Swiss National Bank increased its position in The Coca-Cola by 2.8% in the 2nd quarter. Swiss National Bank now owns 15,439,790 shares of the company’s stock worth $677,189,000 after buying an additional 425,900 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its position in The Coca-Cola by 2.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 14,397,678 shares of the company’s stock worth $631,483,000 after buying an additional 401,752 shares during the period. 65.67% of the stock is currently owned by institutional investors and hedge funds.
KO opened at $49.58 on Thursday. The company has a market cap of $211.50 billion, a PE ratio of 25.96, a PEG ratio of 3.25 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.98 and a debt-to-equity ratio of 1.26. The Coca-Cola Co has a 1 year low of $41.45 and a 1 year high of $50.84.
The Coca-Cola (NYSE:KO) last released its quarterly earnings data on Tuesday, October 30th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $8.25 billion for the quarter, compared to analysts’ expectations of $8.20 billion. The Coca-Cola had a return on equity of 43.12% and a net margin of 8.70%. The Coca-Cola’s quarterly revenue was down 9.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. As a group, research analysts predict that The Coca-Cola Co will post 2.08 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date is Thursday, November 29th. The Coca-Cola’s dividend payout ratio is presently 81.68%.
KO has been the topic of several recent analyst reports. Morgan Stanley set a $49.00 price target on The Coca-Cola and gave the stock a “neutral” rating in a research report on Wednesday, August 29th. Wells Fargo & Co reaffirmed a “buy” rating and issued a $52.00 price target on shares of The Coca-Cola in a research report on Wednesday, October 17th. Macquarie set a $47.00 price target on The Coca-Cola and gave the stock a “neutral” rating in a research report on Friday, September 14th. Argus raised The Coca-Cola to a “hold” rating in a research report on Friday, August 24th. Finally, HSBC set a $61.00 price target on The Coca-Cola and gave the stock a “buy” rating in a research report on Thursday, September 27th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $51.43.
In related news, insider Robert Edward Long sold 15,000 shares of the business’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $48.65, for a total value of $729,750.00. Following the sale, the insider now owns 68,029 shares of the company’s stock, valued at approximately $3,309,610.85. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Kathy N. Waller sold 88,400 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $50.00, for a total value of $4,420,000.00. Following the completion of the sale, the vice president now directly owns 256,421 shares in the company, valued at approximately $12,821,050. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 374,542 shares of company stock worth $18,436,957. 1.48% of the stock is currently owned by company insiders.
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About The Coca-Cola
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides water, enhanced water, and sports drinks; juices; juice, dairy, and plant?based beverages; teas and coffees; and energy drinks. It also offers concentrates, syrups, beverage bases, source waters, and powders/minerals, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
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