Magellan Asset Management Ltd Acquires 927,064 Shares of CocaCola Company (The) $KO

Magellan Asset Management Ltd lifted its holdings in CocaCola Company (The) (NYSE:KO) by 91.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,943,750 shares of the company’s stock after acquiring an additional 927,064 shares during the period. CocaCola accounts for about 1.6% of Magellan Asset Management Ltd’s portfolio, making the stock its 23rd biggest holding. Magellan Asset Management Ltd’s holdings in CocaCola were worth $137,520,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. 1248 Management LLC purchased a new position in shares of CocaCola in the first quarter worth $26,000. Caitong International Asset Management Co. Ltd increased its holdings in CocaCola by 5,142.9% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 367 shares of the company’s stock valued at $26,000 after acquiring an additional 360 shares during the last quarter. Ridgewood Investments LLC lifted its stake in CocaCola by 148.4% in the 1st quarter. Ridgewood Investments LLC now owns 477 shares of the company’s stock worth $34,000 after purchasing an additional 285 shares in the last quarter. GFG Capital LLC bought a new position in shares of CocaCola during the 2nd quarter valued at about $34,000. Finally, MMA Asset Management LLC bought a new position in shares of CocaCola during the 2nd quarter valued at about $34,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insider Transactions at CocaCola

In other CocaCola news, Director Max R. Levchin purchased 7,206 shares of the stock in a transaction on Friday, October 24th. The stock was acquired at an average price of $69.87 per share, with a total value of $503,483.22. Following the completion of the acquisition, the director owned 14,267 shares in the company, valued at $996,835.29. The trade was a 102.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Monica Howard Douglas sold 13,548 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $69.93, for a total transaction of $947,411.64. Following the transaction, the executive vice president owned 37,725 shares in the company, valued at approximately $2,638,109.25. This trade represents a 26.42% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.97% of the company’s stock.

CocaCola Stock Up 2.2%

NYSE:KO opened at $70.61 on Friday. The company’s 50-day simple moving average is $67.75 and its 200-day simple moving average is $69.56. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.00 and a current ratio of 1.21. CocaCola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38. The stock has a market capitalization of $303.75 billion, a P/E ratio of 23.38, a P/E/G ratio of 3.57 and a beta of 0.43.

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

CocaCola Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, December 1st. CocaCola’s dividend payout ratio is currently 67.55%.

Analyst Ratings Changes

KO has been the topic of a number of research analyst reports. BNP Paribas reiterated an “outperform” rating and issued a $83.00 target price on shares of CocaCola in a research report on Monday, July 21st. Cowen reissued a “buy” rating on shares of CocaCola in a research note on Wednesday, October 22nd. UBS Group cut their target price on CocaCola from $84.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, September 11th. Barclays reissued an “overweight” rating on shares of CocaCola in a research note on Thursday, October 23rd. Finally, JPMorgan Chase & Co. upped their price objective on CocaCola from $77.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $78.43.

About CocaCola

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.