Bank of New York Mellon Corp trimmed its position in The Coca-Cola Co (NYSE:KO) by 2.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,035,036 shares of the company’s stock after selling 800,364 shares during the quarter. Bank of New York Mellon Corp owned 0.92% of The Coca-Cola worth $1,712,076,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. grew its position in The Coca-Cola by 1.9% in the first quarter. BlackRock Inc. now owns 246,505,322 shares of the company’s stock valued at $10,705,725,000 after acquiring an additional 4,526,566 shares during the period. Oppenheimer Asset Management Inc. grew its position in The Coca-Cola by 1.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 74,749 shares of the company’s stock valued at $3,246,000 after acquiring an additional 1,361 shares during the period. LGT Capital Partners LTD. grew its position in The Coca-Cola by 38.3% in the second quarter. LGT Capital Partners LTD. now owns 452,990 shares of the company’s stock valued at $19,868,000 after acquiring an additional 125,540 shares during the period. Forsta AP Fonden grew its position in The Coca-Cola by 42.5% in the first quarter. Forsta AP Fonden now owns 276,841 shares of the company’s stock valued at $12,023,000 after acquiring an additional 82,500 shares during the period. Finally, ProShare Advisors LLC grew its position in The Coca-Cola by 3.2% in the first quarter. ProShare Advisors LLC now owns 2,293,429 shares of the company’s stock valued at $99,604,000 after acquiring an additional 71,174 shares during the period. Institutional investors and hedge funds own 65.64% of the company’s stock.
A number of analysts have weighed in on KO shares. Royal Bank of Canada set a $56.00 price target on The Coca-Cola and gave the company a “buy” rating in a research report on Wednesday, July 25th. SunTrust Banks upped their price target on The Coca-Cola to $55.00 and gave the company a “buy” rating in a research report on Thursday, July 26th. Zacks Investment Research cut The Coca-Cola from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. Goldman Sachs Group set a $45.00 price target on The Coca-Cola and gave the company a “neutral” rating in a research report on Wednesday, July 25th. Finally, Jefferies Financial Group reiterated a “neutral” rating and issued a $44.00 price target on shares of The Coca-Cola in a research report on Friday, May 25th. Thirteen research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $50.24.
In related news, insider John Murphy sold 56,000 shares of the firm’s stock in a transaction dated Wednesday, July 25th. The stock was sold at an average price of $46.48, for a total value of $2,602,880.00. Following the transaction, the insider now owns 140,869 shares in the company, valued at $6,547,591.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Kathy N. Waller sold 48,354 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $46.45, for a total value of $2,246,043.30. Following the completion of the transaction, the vice president now owns 200,725 shares in the company, valued at approximately $9,323,676.25. The disclosure for this sale can be found here. Insiders have sold 215,822 shares of company stock worth $10,027,727 in the last 90 days. Company insiders own 1.48% of the company’s stock.
Shares of KO stock opened at $46.73 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 1.06 and a debt-to-equity ratio of 1.39. The firm has a market cap of $196.57 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 2.84 and a beta of 0.79. The Coca-Cola Co has a 52 week low of $41.45 and a 52 week high of $48.62.
The Coca-Cola (NYSE:KO) last announced its earnings results on Wednesday, July 25th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The company had revenue of $8.90 billion for the quarter, compared to analysts’ expectations of $8.54 billion. The Coca-Cola had a return on equity of 40.68% and a net margin of 7.18%. The business’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.59 earnings per share. equities analysts predict that The Coca-Cola Co will post 2.07 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Thursday, September 13th. The Coca-Cola’s payout ratio is presently 81.68%.
The Coca-Cola Company Profile
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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