Convergence Investment Partners LLC Lowers Stake in Coca-Cola Co (The) (NYSE:KO)

Convergence Investment Partners LLC lowered its stake in shares of Coca-Cola Co (The) (NYSE:KO) by 28.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 29,220 shares of the company’s stock after selling 11,683 shares during the period. Convergence Investment Partners LLC’s holdings in Coca-Cola were worth $1,306,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Macquarie Group Ltd. lifted its holdings in Coca-Cola by 26.9% during the 4th quarter. Macquarie Group Ltd. now owns 97,305 shares of the company’s stock worth $5,385,000 after buying an additional 20,620 shares in the last quarter. IMS Capital Management acquired a new stake in Coca-Cola during the 1st quarter worth approximately $320,000. Wiley BROS. Aintree Capital LLC acquired a new stake in Coca-Cola during the 1st quarter worth approximately $422,000. Blackhawk Capital Partners LLC. lifted its holdings in Coca-Cola by 7.5% during the 1st quarter. Blackhawk Capital Partners LLC. now owns 19,169 shares of the company’s stock worth $1,061,000 after buying an additional 1,342 shares in the last quarter. Finally, Callahan Advisors LLC lifted its holdings in Coca-Cola by 5.5% during the 1st quarter. Callahan Advisors LLC now owns 45,675 shares of the company’s stock worth $2,021,000 after buying an additional 2,400 shares in the last quarter. 67.40% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola stock traded down $0.45 during midday trading on Friday, hitting $47.24. 14,850,566 shares of the company’s stock were exchanged, compared to its average volume of 16,251,326. Coca-Cola Co has a 12-month low of $36.27 and a 12-month high of $60.13. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.96 and a current ratio of 1.09. The stock has a market cap of $202.92 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 5.51 and a beta of 0.54. The firm’s 50 day simple moving average is $45.98 and its 200 day simple moving average is $49.34.

Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Tuesday, July 21st. The company reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Coca-Cola had a net margin of 26.77% and a return on equity of 41.44%. The company had revenue of $7.20 billion for the quarter, compared to the consensus estimate of $7.26 billion. During the same period last year, the firm posted $0.63 EPS. Coca-Cola’s revenue for the quarter was down 28.0% on a year-over-year basis. On average, equities research analysts forecast that Coca-Cola Co will post 1.8 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend is Monday, September 14th. Coca-Cola’s payout ratio is 77.73%.

In other news, Director David B. Weinberg sold 98,905 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $48.50, for a total value of $4,796,892.50. Following the completion of the transaction, the director now owns 355,214 shares of the company’s stock, valued at $17,227,879. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David B. Weinberg sold 400,000 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $48.42, for a total transaction of $19,368,000.00. Following the completion of the transaction, the director now directly owns 355,214 shares of the company’s stock, valued at approximately $17,199,461.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 698,905 shares of company stock worth $33,768,893. Insiders own 1.01% of the company’s stock.

KO has been the topic of a number of research reports. Cfra reduced their target price on shares of Coca-Cola from $60.00 to $55.00 and set a “strong-buy” rating on the stock in a report on Tuesday, April 21st. Jefferies Financial Group reduced their target price on shares of Coca-Cola from $48.00 to $47.00 and set a “hold” rating on the stock in a report on Wednesday, April 22nd. Citigroup reduced their price objective on shares of Coca-Cola from $63.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 22nd. Zacks Investment Research lowered shares of Coca-Cola from a “hold” rating to a “sell” rating and set a $49.00 price objective on the stock. in a report on Wednesday, May 27th. Finally, Barclays restated a “buy” rating and issued a $50.00 price objective on shares of Coca-Cola in a report on Thursday, April 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $54.05.

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 plant-based 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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Institutional Ownership by Quarter for Coca-Cola (NYSE:KO)

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