CocaCola Company (The) (NYSE:KO) Shares Sold by Corundum Group Inc.

Corundum Group Inc. lessened its stake in CocaCola Company (The) (NYSE:KO) by 44.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,009 shares of the company’s stock after selling 8,089 shares during the quarter. Corundum Group Inc.’s holdings in CocaCola were worth $717,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Navis Wealth Advisors LLC grew its position in CocaCola by 4.2% during the first quarter. Navis Wealth Advisors LLC now owns 3,594 shares of the company’s stock valued at $257,000 after acquiring an additional 146 shares during the period. Peachtree Investment Partners LLC grew its holdings in CocaCola by 1.4% during the 4th quarter. Peachtree Investment Partners LLC now owns 11,189 shares of the company’s stock valued at $697,000 after purchasing an additional 157 shares in the last quarter. Braun Bostich & Associates Inc. grew its stake in CocaCola by 3.8% during the 1st quarter. Braun Bostich & Associates Inc. now owns 4,308 shares of the company’s stock valued at $309,000 after purchasing an additional 159 shares in the last quarter. Fort Sheridan Advisors LLC increased its position in shares of CocaCola by 3.3% in the 4th quarter. Fort Sheridan Advisors LLC now owns 4,993 shares of the company’s stock worth $311,000 after purchasing an additional 161 shares during the last quarter. Finally, Excalibur Management Corp raised its stake in CocaCola by 0.6% during the fourth quarter. Excalibur Management Corp now owns 29,412 shares of the company’s stock valued at $1,831,000 after buying an additional 161 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Piper Sandler boosted their target price on shares of CocaCola from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. UBS Group lifted their price target on shares of CocaCola from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Morgan Stanley reiterated an “overweight” rating and set a $81.00 price objective on shares of CocaCola in a research note on Monday, June 9th. Cfra Research upgraded CocaCola to a “strong-buy” rating in a research note on Tuesday, April 15th. Finally, Barclays reaffirmed an “overweight” rating on shares of CocaCola in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $76.27.

CocaCola Price Performance

NYSE KO opened at $70.20 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 1.10 and a debt-to-equity ratio of 1.57. The stock has a market capitalization of $302.16 billion, a PE ratio of 28.08, a price-to-earnings-growth ratio of 3.66 and a beta of 0.46. CocaCola Company has a 12-month low of $60.62 and a 12-month high of $74.38. The company has a 50 day moving average price of $71.42 and a two-hundred day moving average price of $68.17.

CocaCola (NYSE:KO) last posted its earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.02. CocaCola had a return on equity of 45.49% and a net margin of 23.00%. The firm had revenue of $11.13 billion during the quarter, compared to analyst estimates of $11.23 billion. During the same period in the previous year, the company earned $0.72 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities analysts predict that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.91%. CocaCola’s dividend payout ratio (DPR) is presently 81.60%.

Insider Activity

In related news, EVP Beatriz R. Perez sold 60,326 shares of the firm’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $71.87, for a total value of $4,335,629.62. Following the completion of the transaction, the executive vice president now directly owns 187,716 shares of the company’s stock, valued at $13,491,148.92. This trade represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James Quincey sold 266,403 shares of the firm’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the transaction, the chief executive officer now directly owns 275,946 shares of the company’s stock, valued at $19,884,668.76. The trade was a 49.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 415,387 shares of company stock valued at $29,923,985. 0.90% of the stock is owned by company insiders.

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.