The Coca-Cola Co (NYSE:KO) Position Cut by Twin Capital Management Inc.
Twin Capital Management Inc. reduced its position in shares of The Coca-Cola Co (NYSE:KO) by 28.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 236,016 shares of the company’s stock after selling 92,174 shares during the quarter. Twin Capital Management Inc.’s holdings in The Coca-Cola were worth $12,018,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC boosted its stake in shares of The Coca-Cola by 22.2% during the 4th quarter. FMR LLC now owns 61,139,629 shares of the company’s stock worth $2,894,961,000 after acquiring an additional 11,126,961 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of The Coca-Cola by 10.8% during the 4th quarter. Geode Capital Management LLC now owns 46,561,672 shares of the company’s stock worth $2,200,726,000 after acquiring an additional 4,528,987 shares in the last quarter. Norges Bank bought a new stake in shares of The Coca-Cola during the 4th quarter worth $1,717,527,000. Legal & General Group Plc boosted its stake in shares of The Coca-Cola by 7.0% during the 4th quarter. Legal & General Group Plc now owns 19,459,018 shares of the company’s stock worth $921,367,000 after acquiring an additional 1,271,906 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of The Coca-Cola by 4.2% during the 1st quarter. Clearbridge Investments LLC now owns 16,562,369 shares of the company’s stock worth $776,113,000 after acquiring an additional 660,240 shares in the last quarter. 66.69% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:KO traded up $0.81 during midday trading on Thursday, hitting $53.80. 5,141,985 shares of the stock were exchanged, compared to its average volume of 14,180,490. The company has a quick ratio of 0.71, a current ratio of 0.83 and a debt-to-equity ratio of 1.44. The Coca-Cola Co has a 52-week low of $44.25 and a 52-week high of $54.82. The stock’s fifty day moving average is $52.43. The company has a market cap of $227.40 billion, a P/E ratio of 25.87, a PEG ratio of 3.70 and a beta of 0.48.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.60 annualized dividend and a dividend yield of 2.97%. The Coca-Cola’s dividend payout ratio is 76.92%.
In related news, SVP Beatriz R. Perez sold 14,000 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $53.40, for a total transaction of $747,600.00. Following the completion of the sale, the senior vice president now directly owns 108,457 shares in the company, valued at $5,791,603.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jennifer K. Mann sold 9,000 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $51.88, for a total value of $466,920.00. Following the sale, the insider now owns 41,049 shares of the company’s stock, valued at $2,129,622.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 318,761 shares of company stock valued at $16,182,125. 1.33% of the stock is owned by corporate insiders.
Several research firms have recently weighed in on KO. BMO Capital Markets raised their price objective on The Coca-Cola from $48.00 to $52.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. SunTrust Banks raised their price objective on The Coca-Cola to $60.00 and gave the stock a “positive” rating in a research note on Wednesday, July 24th. ValuEngine raised The Coca-Cola from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Credit Suisse Group increased their target price on The Coca-Cola from $49.00 to $54.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Finally, Zacks Investment Research upgraded The Coca-Cola from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Tuesday, June 4th. Eleven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $54.10.
The Coca-Cola Profile
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; water, enhanced water, and sports drinks; juice, dairy, and plantbased 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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