Morningstar Investment Services LLC lowered its position in The Coca-Cola Co (NYSE:KO) by 6.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 623,719 shares of the company’s stock after selling 44,699 shares during the period. Morningstar Investment Services LLC’s holdings in The Coca-Cola were worth $28,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue increased its holdings in The Coca-Cola by 0.9% during the third quarter. State of Alaska Department of Revenue now owns 560,169 shares of the company’s stock valued at $25,871,000 after buying an additional 4,973 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. increased its holdings in The Coca-Cola by 1.1% during the second quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 233,378 shares of the company’s stock valued at $10,236,000 after buying an additional 2,600 shares during the period. First Command Financial Services Inc. increased its holdings in The Coca-Cola by 73.2% during the third quarter. First Command Financial Services Inc. now owns 19,124 shares of the company’s stock valued at $883,000 after buying an additional 8,084 shares during the period. HPM Partners LLC increased its holdings in The Coca-Cola by 3.0% during the second quarter. HPM Partners LLC now owns 100,292 shares of the company’s stock valued at $4,399,000 after buying an additional 2,931 shares during the period. Finally, Baldwin Investment Management LLC purchased a new position in The Coca-Cola during the second quarter valued at approximately $272,000. 65.79% of the stock is owned by institutional investors and hedge funds.
In other news, VP Kathy N. Waller sold 88,400 shares of The Coca-Cola stock in a transaction on Monday, November 12th. The shares were sold at an average price of $50.00, for a total transaction of $4,420,000.00. Following the completion of the sale, the vice president now directly owns 256,421 shares in the company, valued at $12,821,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP James L. Dinkins sold 8,754 shares of The Coca-Cola stock in a transaction on Wednesday, October 24th. The stock was sold at an average price of $46.95, for a total transaction of $411,000.30. Following the sale, the senior vice president now owns 28,354 shares of the company’s stock, valued at $1,331,220.30. The disclosure for this sale can be found here. Insiders have sold 374,542 shares of company stock valued at $18,436,957 over the last quarter. Insiders own 1.48% of the company’s stock.
The Coca-Cola (NYSE:KO) last announced its earnings results on Tuesday, October 30th. The company reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The Coca-Cola had a net margin of 8.70% and a return on equity of 43.12%. The company had revenue of $8.25 billion during the quarter, compared to the consensus estimate of $8.20 billion. During the same period last year, the firm earned $0.50 earnings per share. The Coca-Cola’s revenue was down 9.2% compared to the same quarter last year. On average, equities analysts predict that The Coca-Cola Co will post 2.08 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 30th will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, November 29th. This represents a $1.56 annualized dividend and a dividend yield of 3.20%. The Coca-Cola’s payout ratio is currently 81.68%.
Several equities analysts recently issued reports on the stock. Gabelli reissued a “hold” rating on shares of The Coca-Cola in a report on Thursday, July 26th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $50.00 price objective on shares of The Coca-Cola in a report on Thursday, July 26th. Morningstar set a $49.00 price objective on shares of The Coca-Cola and gave the company a “neutral” rating in a report on Tuesday, November 6th. Jefferies Financial Group reissued a “neutral” rating and set a $48.00 price objective on shares of The Coca-Cola in a report on Thursday, July 26th. Finally, Macquarie set a $50.00 price objective on shares of The Coca-Cola and gave the company a “neutral” rating in a report on Thursday, November 8th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $51.43.
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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 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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