Cadinha & Co. LLC Trims Stake in The Coca-Cola Co (KO)
Cadinha & Co. LLC reduced its stake in shares of The Coca-Cola Co (NYSE:KO) by 6.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 47,073 shares of the company’s stock after selling 3,391 shares during the period. Cadinha & Co. LLC’s holdings in The Coca-Cola were worth $2,065,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in The Coca-Cola by 1.9% in the 1st quarter. BlackRock Inc. now owns 246,505,322 shares of the company’s stock worth $10,705,725,000 after buying an additional 4,526,566 shares during the period. Suntrust Banks Inc. boosted its holdings in The Coca-Cola by 1.3% in the 1st quarter. Suntrust Banks Inc. now owns 20,136,587 shares of the company’s stock worth $874,530,000 after buying an additional 265,918 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in The Coca-Cola by 11.7% in the 4th quarter. TIAA CREF Investment Management LLC now owns 17,857,938 shares of the company’s stock worth $819,322,000 after buying an additional 1,869,038 shares during the period. Clearbridge Investments LLC boosted its holdings in The Coca-Cola by 3.5% in the 4th quarter. Clearbridge Investments LLC now owns 16,303,313 shares of the company’s stock worth $747,996,000 after buying an additional 553,669 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in The Coca-Cola by 7.8% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,119,142 shares of the company’s stock worth $575,406,000 after buying an additional 949,483 shares during the period. 65.40% of the stock is owned by hedge funds and other institutional investors.
The Coca-Cola stock opened at $45.63 on Friday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.06 and a current ratio of 1.15. The firm has a market cap of $197.17 billion, a PE ratio of 23.89, a P/E/G ratio of 2.85 and a beta of 0.79. The Coca-Cola Co has a fifty-two week low of $41.45 and a fifty-two week high of $48.62.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Thursday, September 13th. The Coca-Cola’s dividend payout ratio (DPR) is currently 81.68%.
Several research firms recently commented on KO. Zacks Investment Research downgraded shares of The Coca-Cola from a “hold” rating to a “sell” rating in a report on Tuesday, June 26th. Macquarie reissued a “neutral” rating and issued a $47.00 price target on shares of The Coca-Cola in a report on Wednesday, June 13th. Stifel Nicolaus reissued a “neutral” rating and issued a $49.00 price target on shares of The Coca-Cola in a report on Monday, July 16th. Jefferies Financial Group reissued a “neutral” rating and issued a $44.00 price target on shares of The Coca-Cola in a report on Friday, May 25th. Finally, JPMorgan Chase & Co. reissued a “$45.12” rating and issued a $49.00 price target on shares of The Coca-Cola in a report on Wednesday, July 18th. Fourteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $50.24.
In other news, insider John Murphy sold 111,468 shares of the firm’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $46.46, for a total transaction of $5,178,803.28. Following the sale, the insider now owns 196,337 shares in the company, valued at approximately $9,121,817.02. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Kathy N. Waller sold 48,354 shares of the firm’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $46.45, for a total transaction of $2,246,043.30. Following the sale, the vice president now owns 200,725 shares in the company, valued at approximately $9,323,676.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,822 shares of company stock worth $10,027,727. Corporate insiders own 1.48% of the company’s stock.
The Coca-Cola Company Profile
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides water, enhanced water, and sports drinks; juices; 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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