Summit X LLC raised its stake in The Coca-Cola Co (NYSE:KO) by 30.0% during the third quarter, HoldingsChannel.com reports. The fund owned 26,950 shares of the company’s stock after acquiring an additional 6,218 shares during the quarter. Summit X LLC’s holdings in The Coca-Cola were worth $1,263,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. WP Advisors LLC acquired a new position in The Coca-Cola in the second quarter worth $107,000. Westbourne Investment Advisors Inc. acquired a new position in The Coca-Cola in the third quarter worth $117,000. Signature Estate & Investment Advisors LLC acquired a new position in The Coca-Cola in the second quarter worth $116,000. Fort L.P. acquired a new position in The Coca-Cola in the second quarter worth $122,000. Finally, Sageworth Trust Co boosted its stake in The Coca-Cola by 69.5% in the third quarter. Sageworth Trust Co now owns 2,927 shares of the company’s stock worth $135,000 after purchasing an additional 1,200 shares in the last quarter. Hedge funds and other institutional investors own 65.45% of the company’s stock.
A number of research firms have commented on KO. Gabelli reissued a “hold” rating on shares of The Coca-Cola in a research note on Thursday, July 26th. Societe Generale set a $49.00 price objective on The Coca-Cola and gave the stock a “neutral” rating in a research note on Monday, August 13th. Jefferies Financial Group reissued a “neutral” rating and issued a $48.00 price objective on shares of The Coca-Cola in a research note on Wednesday, August 22nd. Wells Fargo & Co reissued a “buy” rating and issued a $52.00 price objective on shares of The Coca-Cola in a research note on Wednesday, September 5th. Finally, Bank of America reissued a “buy” rating and issued a $52.00 price objective on shares of The Coca-Cola in a research note on Tuesday, October 30th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $51.22.
The Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.03. The Coca-Cola had a return on equity of 43.12% and a net margin of 8.70%. The business had revenue of $8.25 billion for the quarter, compared to analyst estimates of $8.20 billion. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The firm’s revenue for the quarter was down 9.2% compared to the same quarter last year. Research analysts anticipate that The Coca-Cola Co will post 2.08 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $1.56 dividend on an annualized basis and a yield of 3.18%. The Coca-Cola’s dividend payout ratio is presently 81.68%.
In related news, SVP Beatriz R. Perez sold 10,000 shares of the company’s stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $47.98, for a total value of $479,800.00. Following the completion of the sale, the senior vice president now owns 92,645 shares in the company, valued at $4,445,107.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian John Smith sold 43,000 shares of the company’s stock in a transaction dated Wednesday, October 31st. The shares were sold at an average price of $48.00, for a total value of $2,064,000.00. Following the completion of the sale, the insider now owns 123,908 shares of the company’s stock, valued at approximately $5,947,584. The disclosure for this sale can be found here. Insiders sold 61,754 shares of company stock valued at $2,954,800 in the last quarter. 1.48% of the stock is currently owned by corporate insiders.
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The Coca-Cola 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 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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