Clearbridge Investments LLC grew its holdings in shares of The Coca-Cola Co (NYSE:KO) by 4.2% in the 1st quarter, HoldingsChannel reports. The fund owned 16,562,369 shares of the company’s stock after buying an additional 660,240 shares during the period. Clearbridge Investments LLC’s holdings in The Coca-Cola were worth $776,113,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of KO. Van ECK Associates Corp increased its stake in shares of The Coca-Cola by 14.8% in the fourth quarter. Van ECK Associates Corp now owns 98,108 shares of the company’s stock valued at $4,645,000 after buying an additional 12,660 shares during the period. Northeast Investment Management increased its position in The Coca-Cola by 4.4% during the 4th quarter. Northeast Investment Management now owns 42,961 shares of the company’s stock valued at $2,034,000 after purchasing an additional 1,818 shares during the period. Cypress Wealth Services LLC increased its position in The Coca-Cola by 1.1% during the 1st quarter. Cypress Wealth Services LLC now owns 98,036 shares of the company’s stock valued at $4,594,000 after purchasing an additional 1,066 shares during the period. Berman Capital Advisors LLC increased its position in The Coca-Cola by 40.4% during the 4th quarter. Berman Capital Advisors LLC now owns 13,429 shares of the company’s stock valued at $635,000 after purchasing an additional 3,865 shares during the period. Finally, LGT Capital Partners LTD. increased its position in The Coca-Cola by 1.1% during the 1st quarter. LGT Capital Partners LTD. now owns 365,100 shares of the company’s stock valued at $17,109,000 after purchasing an additional 4,100 shares during the period. 66.83% of the stock is owned by hedge funds and other institutional investors.
In related news, SVP Robert Edward Long sold 30,412 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $49.97, for a total value of $1,519,687.64. Following the transaction, the senior vice president now directly owns 57,538 shares in the company, valued at approximately $2,875,173.86. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 completion of the transaction, the insider now owns 41,049 shares in the company, valued at $2,129,622.12. The disclosure for this sale can be found here. Insiders have sold a total of 316,600 shares of company stock worth $15,760,365 over the last 90 days. Company insiders own 1.33% of the company’s stock.
The Coca-Cola stock opened at $51.31 on Monday. The company has a market cap of $218.89 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 3.51 and a beta of 0.50. The Coca-Cola Co has a 52-week low of $42.96 and a 52-week high of $52.19. The company has a current ratio of 1.02, a quick ratio of 0.91 and a debt-to-equity ratio of 1.48.
The Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. The firm had revenue of $8 billion for the quarter, compared to analysts’ expectations of $7.89 billion. The Coca-Cola had a return on equity of 45.12% and a net margin of 20.91%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.47 EPS. As a group, sell-side analysts forecast that The Coca-Cola Co will post 2.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Thursday, June 13th. The Coca-Cola’s payout ratio is 76.92%.
A number of analysts have weighed in on KO shares. Morgan Stanley increased their target price on shares of The Coca-Cola from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 24th. Credit Suisse Group started coverage on shares of The Coca-Cola in a research report on Wednesday, March 6th. They set a “neutral” rating and a $48.00 target price for the company. Zacks Investment Research downgraded shares of The Coca-Cola from a “hold” rating to a “sell” rating in a research report on Friday, February 22nd. HSBC downgraded shares of The Coca-Cola from a “buy” rating to a “hold” rating and decreased their target price for the company from $64.00 to $50.00 in a research report on Tuesday, March 12th. They noted that the move was a valuation call. Finally, Jefferies Financial Group reissued a “hold” rating and set a $46.00 target price on shares of The Coca-Cola in a research report on Monday, March 11th. Thirteen research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.05.
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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 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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