Pinnacle Associates Ltd. reduced its holdings in The Coca-Cola Co (NYSE:KO) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,665 shares of the company’s stock after selling 1,271 shares during the quarter. Pinnacle Associates Ltd.’s holdings in The Coca-Cola were worth $5,330,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. GWM Advisors LLC increased its stake in The Coca-Cola by 9.4% in the 2nd quarter. GWM Advisors LLC now owns 69,214 shares of the company’s stock worth $3,524,000 after acquiring an additional 5,954 shares during the last quarter. Cedar Capital LLC increased its stake in The Coca-Cola by 5.7% in the 2nd quarter. Cedar Capital LLC now owns 22,657 shares of the company’s stock worth $1,154,000 after acquiring an additional 1,219 shares during the last quarter. Meeder Asset Management Inc. increased its stake in The Coca-Cola by 751.5% in the 2nd quarter. Meeder Asset Management Inc. now owns 16,374 shares of the company’s stock worth $834,000 after acquiring an additional 14,451 shares during the last quarter. Freestone Capital Holdings LLC increased its stake in The Coca-Cola by 19.5% in the 2nd quarter. Freestone Capital Holdings LLC now owns 20,644 shares of the company’s stock worth $1,051,000 after acquiring an additional 3,368 shares during the last quarter. Finally, Buckingham Asset Management LLC increased its stake in The Coca-Cola by 7.4% in the 2nd quarter. Buckingham Asset Management LLC now owns 51,201 shares of the company’s stock worth $2,607,000 after acquiring an additional 3,513 shares during the last quarter. Institutional investors and hedge funds own 66.84% of the company’s stock.
In other The Coca-Cola news, insider Francisco Crespo sold 125,948 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $50.00, for a total value of $6,297,400.00. Following the completion of the sale, the insider now owns 186,631 shares in the company, valued at approximately $9,331,550. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP John Murphy sold 84,400 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $49.99, for a total value of $4,219,156.00. Following the completion of the sale, the vice president now owns 133,715 shares of the company’s stock, valued at approximately $6,684,412.85. The disclosure for this sale can be found here. Insiders have sold a total of 488,761 shares of company stock valued at $25,417,705 over the last 90 days. 1.33% of the stock is currently owned by company insiders.
The Coca-Cola (NYSE:KO) last issued its earnings results on Tuesday, July 23rd. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.01. The company had revenue of $10 billion during the quarter, compared to analysts’ expectations of $9.86 billion. The Coca-Cola had a return on equity of 45.67% and a net margin of 21.11%. The Coca-Cola’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.61 EPS. Sell-side analysts expect that The Coca-Cola Co will post 2.1 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Friday, September 13th. The Coca-Cola’s dividend payout ratio is presently 76.92%.
KO has been the topic of a number of research analyst reports. Zacks Investment Research upgraded The Coca-Cola from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Tuesday, June 4th. UBS Group upped their target price on The Coca-Cola from $50.00 to $52.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. Deutsche Bank upped their target price on The Coca-Cola from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. HSBC reiterated a “neutral” rating and set a $52.00 price objective on shares of The Coca-Cola in a research report on Wednesday, July 24th. Finally, BMO Capital Markets increased their price objective on The Coca-Cola from $48.00 to $52.00 and gave the company a “market perform” rating in a research report on Wednesday, July 24th. Eleven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $54.10.
The Coca-Cola Profile
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.
Recommended Story: How much can an individual set aside as a catch-up contribution?
Want to see what other hedge funds are holding KO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Coca-Cola Co (NYSE:KO).
Receive News & Ratings for The Coca-Cola Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Coca-Cola and related companies with MarketBeat.com's FREE daily email newsletter.