Covington Capital Management Has $7.35 Million Position in The Coca-Cola Co (KO)
Covington Capital Management increased its position in shares of The Coca-Cola Co (NYSE:KO) by 0.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 163,951 shares of the company’s stock after purchasing an additional 100 shares during the period. Covington Capital Management’s holdings in The Coca-Cola were worth $7,353,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Colony Group LLC grew its position in The Coca-Cola by 132.0% during the second quarter. Colony Group LLC now owns 23,496 shares of the company’s stock worth $1,054,000 after buying an additional 13,367 shares during the period. Sterneck Capital Management LLC grew its position in The Coca-Cola by 0.3% during the second quarter. Sterneck Capital Management LLC now owns 60,288 shares of the company’s stock valued at $2,704,000 after purchasing an additional 210 shares in the last quarter. Koch Industries Inc. purchased a new position in The Coca-Cola during the second quarter valued at approximately $240,000. High Falls Advisors Inc grew its position in The Coca-Cola by 3.0% during the second quarter. High Falls Advisors Inc now owns 10,188 shares of the company’s stock valued at $457,000 after purchasing an additional 300 shares in the last quarter. Finally, Keel Point LLC grew its position in The Coca-Cola by 1.9% during the second quarter. Keel Point LLC now owns 18,135 shares of the company’s stock valued at $813,000 after purchasing an additional 343 shares in the last quarter. 65.38% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently commented on KO. Vetr raised shares of The Coca-Cola from a “hold” rating to a “buy” rating and set a $47.68 price objective on the stock in a research report on Monday. Cowen reiterated a “hold” rating and issued a $42.00 target price on shares of The Coca-Cola in a research report on Thursday, September 28th. Macquarie started coverage on The Coca-Cola in a research report on Friday, September 15th. They set a “neutral” rating and a $47.00 target price on the stock. Zacks Investment Research raised The Coca-Cola from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Monday, October 16th. Finally, Jefferies Group set a $47.00 target price on The Coca-Cola and gave the stock a “neutral” rating in a research report on Friday, October 13th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $47.80.
Shares of The Coca-Cola Co (NYSE:KO) traded down $0.04 during trading on Wednesday, reaching $45.29. The company had a trading volume of 13,999,300 shares, compared to its average volume of 11,498,374. The Coca-Cola Co has a 1-year low of $40.22 and a 1-year high of $47.48. The company has a market capitalization of $193,136.05, a P/E ratio of 23.98, a P/E/G ratio of 3.88 and a beta of 0.70. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.39 and a quick ratio of 1.30.
The Coca-Cola (NYSE:KO) last announced its quarterly earnings results on Wednesday, October 25th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The Coca-Cola had a return on equity of 36.21% and a net margin of 12.20%. The business had revenue of $9.08 billion during the quarter, compared to the consensus estimate of $8.73 billion. During the same quarter in the prior year, the company posted $0.49 earnings per share. The Coca-Cola’s revenue was down 14.6% compared to the same quarter last year. sell-side analysts anticipate that The Coca-Cola Co will post 1.9 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.37 per share. The ex-dividend date is Thursday, November 30th. This represents a $1.48 annualized dividend and a yield of 3.27%. The Coca-Cola’s dividend payout ratio (DPR) is currently 140.95%.
In related news, insider J Alexander Douglas, Jr. sold 338,009 shares of the company’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $46.09, for a total transaction of $15,578,834.81. Following the completion of the sale, the insider now owns 320,013 shares in the company, valued at $14,749,399.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.51% of the company’s stock.
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The Coca-Cola Company Profile
The Coca-Cola Company is a beverage company. The Company owns or licenses and markets non-alcoholic beverage brands, primarily sparkling beverages and a range of still beverages, such as waters, flavored waters and enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, sports drinks, dairy and energy drinks.
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