Polaris Wealth Advisory Group LLC lifted its position in Coca-Cola Co (The) (NYSE:KO) by 46.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,175 shares of the company’s stock after purchasing an additional 3,213 shares during the quarter. Polaris Wealth Advisory Group LLC’s holdings in Coca-Cola were worth $502,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of KO. BlackRock Inc. boosted its holdings in shares of Coca-Cola by 6.7% in the 2nd quarter. BlackRock Inc. now owns 298,038,286 shares of the company’s stock worth $13,316,350,000 after purchasing an additional 18,701,930 shares in the last quarter. Capital World Investors boosted its holdings in shares of Coca-Cola by 17.8% in the 1st quarter. Capital World Investors now owns 38,240,690 shares of the company’s stock worth $1,692,153,000 after purchasing an additional 5,792,057 shares in the last quarter. Advisor Group Holdings Inc. purchased a new stake in Coca-Cola during the 1st quarter valued at about $47,894,000. APG Asset Management N.V. boosted its holdings in Coca-Cola by 39.7% during the 1st quarter. APG Asset Management N.V. now owns 12,591,482 shares of the company’s stock valued at $557,173,000 after acquiring an additional 3,580,852 shares during the period. Finally, State Street Corp boosted its holdings in Coca-Cola by 1.0% during the 1st quarter. State Street Corp now owns 183,307,489 shares of the company’s stock valued at $8,185,610,000 after acquiring an additional 1,787,004 shares during the period. Hedge funds and other institutional investors own 65.86% of the company’s stock.
In related news, Director David B. Weinberg sold 98,905 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $48.50, for a total transaction 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 approximately $17,227,879. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David B. Weinberg sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $48.02, for a total value of $9,604,000.00. Following the transaction, the director now directly owns 355,214 shares of the company’s stock, valued at approximately $17,057,376.28. The disclosure for this sale can be found here. Insiders sold a total of 836,439 shares of company stock valued at $40,380,407 in the last three months. Corporate insiders own 1.01% of the company’s stock.
Coca-Cola (NYSE:KO) last announced its earnings results on Tuesday, July 21st. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. Coca-Cola had a return on equity of 41.44% and a net margin of 26.77%. The firm had revenue of $7.20 billion during the quarter, compared to analyst estimates of $7.26 billion. During the same quarter in the prior year, the company earned $0.63 EPS. The business’s revenue was down 28.0% compared to the same quarter last year. On average, equities analysts forecast that Coca-Cola Co will post 1.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Monday, November 30th. Coca-Cola’s dividend payout ratio is currently 77.73%.
Several brokerages recently weighed in on KO. Morgan Stanley upgraded Coca-Cola from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $52.00 to $54.00 in a report on Wednesday, July 22nd. They noted that the move was a valuation call. Zacks Investment Research cut Coca-Cola from a “hold” rating to a “sell” rating and set a $52.00 target price for the company. in a report on Tuesday, September 22nd. Finally, Bank of America restated a “buy” rating and set a $53.00 target price on shares of Coca-Cola in a report on Friday, July 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $54.19.
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.
Recommended Story: Commodities
Want to see what other hedge funds are holding KO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coca-Cola Co (The) (NYSE:KO).
Receive News & Ratings for Coca-Cola Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coca-Cola and related companies with MarketBeat.com's FREE daily email newsletter.