Coca-Cola Co (The) (NYSE:KO) Position Reduced by Paulson Wealth Management Inc.
Paulson Wealth Management Inc. decreased its position in shares of Coca-Cola Co (The) (NYSE:KO) by 4.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,012 shares of the company’s stock after selling 355 shares during the period. Paulson Wealth Management Inc.’s holdings in Coca-Cola were worth $346,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Coca-Cola by 6.7% during the second 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. State Street Corp increased its holdings in shares of Coca-Cola by 1.0% in the first quarter. State Street Corp now owns 183,307,489 shares of the company’s stock valued at $8,185,610,000 after buying an additional 1,787,004 shares in the last quarter. Capital World Investors increased its holdings in shares of Coca-Cola by 17.8% in the first quarter. Capital World Investors now owns 38,240,690 shares of the company’s stock valued at $1,692,153,000 after buying an additional 5,792,057 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Coca-Cola by 1.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,334,403 shares of the company’s stock valued at $1,534,062,000 after buying an additional 439,125 shares in the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Coca-Cola by 5.1% in the second quarter. California Public Employees Retirement System now owns 24,882,363 shares of the company’s stock valued at $1,111,744,000 after buying an additional 1,207,765 shares in the last quarter. 65.86% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have issued reports on KO shares. Morgan Stanley raised Coca-Cola from an “equal weight” rating to an “overweight” rating and upped their price target 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 price target on the stock. in a report on Tuesday, September 22nd. Finally, Bank of America reaffirmed a “buy” rating and issued a $53.00 price target on shares of Coca-Cola in a report on Friday, July 17th. One 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 assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $54.19.
Coca-Cola (NYSE:KO) last released its earnings results on Tuesday, July 21st. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. The firm had revenue of $7.20 billion during the quarter, compared to analyst estimates of $7.26 billion. Coca-Cola had a net margin of 26.77% and a return on equity of 41.44%. The business’s revenue was down 28.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 EPS. On average, sell-side analysts forecast that Coca-Cola Co will post 1.79 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Monday, November 30th. Coca-Cola’s dividend payout ratio is 77.73%.
In other news, Director David B. Weinberg sold 98,905 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were 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 $17,227,879. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Edward Long sold 37,534 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $48.21, for a total transaction of $1,809,514.14. Following the transaction, the senior vice president now directly owns 82,502 shares of the company’s stock, valued at approximately $3,977,421.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 836,439 shares of company stock valued at $40,380,407. Company insiders own 1.01% of the company’s stock.
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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