CocaCola Company (The) $KO Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. cut its holdings in shares of CocaCola Company (The) (NYSE:KO) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 187,645 shares of the company’s stock after selling 4,700 shares during the period. Pinnacle Associates Ltd.’s holdings in CocaCola were worth $13,276,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Perigon Wealth Management LLC raised its position in CocaCola by 3.6% during the second quarter. Perigon Wealth Management LLC now owns 130,164 shares of the company’s stock valued at $9,209,000 after buying an additional 4,469 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of CocaCola by 6.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 30,889,415 shares of the company’s stock valued at $2,212,300,000 after purchasing an additional 1,794,561 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of CocaCola in the second quarter worth approximately $22,443,000. Roundview Capital LLC boosted its holdings in shares of CocaCola by 9.1% during the second quarter. Roundview Capital LLC now owns 34,965 shares of the company’s stock worth $2,474,000 after purchasing an additional 2,923 shares during the period. Finally, Banque Pictet & Cie SA grew its position in CocaCola by 72.6% during the second quarter. Banque Pictet & Cie SA now owns 204,392 shares of the company’s stock valued at $14,461,000 after purchasing an additional 85,950 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Buying and Selling

In other CocaCola news, insider Nikolaos Koumettis sold 37,396 shares of the company’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $69.10, for a total transaction of $2,584,063.60. Following the completion of the sale, the insider directly owned 209,513 shares in the company, valued at $14,477,348.30. This represents a 15.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Max R. Levchin acquired 7,206 shares of the company’s stock in a transaction dated Friday, October 24th. The stock was acquired at an average price of $69.87 per share, for a total transaction of $503,483.22. Following the completion of the purchase, the director directly owned 14,267 shares of the company’s stock, valued at $996,835.29. This trade represents a 102.05% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.97% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on KO shares. Wells Fargo & Company increased their target price on shares of CocaCola from $75.00 to $79.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. JPMorgan Chase & Co. increased their price objective on CocaCola from $77.00 to $79.00 and gave the stock an “overweight” rating in a report on Wednesday, July 23rd. Evercore ISI reissued an “outperform” rating on shares of CocaCola in a research report on Tuesday, October 21st. Piper Sandler upped their target price on CocaCola from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of CocaCola in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $78.31.

CocaCola Price Performance

Shares of NYSE:KO opened at $68.94 on Friday. The stock has a market capitalization of $296.56 billion, a P/E ratio of 22.83, a P/E/G ratio of 3.57 and a beta of 0.43. The business has a 50-day moving average of $67.73 and a two-hundred day moving average of $69.68. CocaCola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.21 and a quick ratio of 1.00.

CocaCola (NYSE:KO) last issued its quarterly earnings data on Thursday, March 27th. The company reported $0.55 earnings per share for the quarter. CocaCola had a return on equity of 43.62% and a net margin of 27.34%.The business had revenue of $11.40 billion for the quarter. On average, equities research analysts predict that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, December 1st. CocaCola’s payout ratio is presently 67.55%.

CocaCola Profile

The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks, sparkling flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and other beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.