Martingale Asset Management L P Reduces Stock Position in The Coca-Cola Company (NYSE:KO)

Martingale Asset Management L P lessened its holdings in shares of The Coca-Cola Company (NYSE:KO) by 17.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 469,169 shares of the company’s stock after selling 100,761 shares during the quarter. Coca-Cola makes up 0.8% of Martingale Asset Management L P’s portfolio, making the stock its 28th largest holding. Martingale Asset Management L P’s holdings in Coca-Cola were worth $33,714,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of KO. Cetera Advisors LLC boosted its stake in shares of Coca-Cola by 39.9% during the 1st quarter. Cetera Advisors LLC now owns 366,670 shares of the company’s stock worth $22,433,000 after acquiring an additional 104,506 shares during the last quarter. Cetera Advisor Networks LLC raised its position in shares of Coca-Cola by 4.1% during the 1st quarter. Cetera Advisor Networks LLC now owns 509,277 shares of the company’s stock valued at $31,158,000 after purchasing an additional 19,985 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Coca-Cola by 16.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 12,419 shares of the company’s stock valued at $767,000 after purchasing an additional 1,722 shares during the period. OMC Financial Services LTD bought a new stake in shares of Coca-Cola during the 1st quarter valued at $699,000. Finally, American Trust increased its holdings in Coca-Cola by 4.9% in the 1st quarter. American Trust now owns 13,683 shares of the company’s stock valued at $837,000 after acquiring an additional 638 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on KO. Morgan Stanley reduced their price target on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Truist Financial lifted their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Barclays reduced their price target on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, Wells Fargo & Company upped their target price on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Coca-Cola has an average rating of “Moderate Buy” and a consensus price target of $72.36.

Coca-Cola Stock Down 0.2 %

Shares of NYSE:KO opened at $64.43 on Friday. The Coca-Cola Company has a 1 year low of $57.47 and a 1 year high of $73.53. The business has a 50 day simple moving average of $67.22 and a two-hundred day simple moving average of $66.56. The firm has a market capitalization of $277.55 billion, a PE ratio of 26.62, a price-to-earnings-growth ratio of 3.91 and a beta of 0.61. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90.

Coca-Cola (NYSE:KO) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The business had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.61 billion. During the same quarter in the previous year, the business earned $0.74 earnings per share. The company’s revenue for the quarter was down .8% compared to the same quarter last year. On average, equities analysts predict that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a dividend yield of 3.01%. Coca-Cola’s dividend payout ratio (DPR) is presently 80.17%.

Insider Activity at Coca-Cola

In other news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the transaction, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.97% of the stock is owned by company insiders.

Coca-Cola 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.