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

Magellan Asset Management Ltd lifted its position in CocaCola Company (The) (NYSE:KO) by 91.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 investment portfolio, making the stock its 23rd largest holding. Magellan Asset Management Ltd’s holdings in CocaCola were worth $137,520,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in shares of CocaCola by 13.3% during the fourth quarter. Brighton Jones LLC now owns 39,072 shares of the company’s stock valued at $2,433,000 after purchasing an additional 4,591 shares during the last quarter. Revolve Wealth Partners LLC increased its position in CocaCola by 3.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 8,795 shares of the company’s stock valued at $548,000 after buying an additional 293 shares in the last quarter. Alps Advisors Inc. raised its stake in CocaCola by 5.4% during the first quarter. Alps Advisors Inc. now owns 115,104 shares of the company’s stock valued at $8,244,000 after buying an additional 5,904 shares during the last quarter. Phillips Financial Management LLC boosted its holdings in CocaCola by 6.7% in the first quarter. Phillips Financial Management LLC now owns 4,093 shares of the company’s stock worth $293,000 after acquiring an additional 256 shares in the last quarter. Finally, Cerity Partners LLC grew its stake in shares of CocaCola by 12.5% in the first quarter. Cerity Partners LLC now owns 1,037,937 shares of the company’s stock worth $74,347,000 after acquiring an additional 114,942 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

CocaCola Price Performance

NYSE KO opened at $70.61 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.21 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $303.75 billion, a P/E ratio of 23.38, a PEG ratio of 3.57 and a beta of 0.43. The company has a 50-day moving average price of $67.75 and a 200-day moving average price of $69.56. CocaCola Company has a 52 week low of $60.62 and a 52 week high of $74.38.

CocaCola (NYSE:KO) last announced 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 business had revenue of $11.40 billion during the quarter. Equities research analysts anticipate that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Announces Dividend

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

Insider Buying and Selling at CocaCola

In other news, EVP Monica Howard Douglas sold 13,548 shares of CocaCola stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $69.93, for a total transaction of $947,411.64. Following the transaction, the executive vice president directly owned 37,725 shares of the company’s stock, valued at $2,638,109.25. The trade was a 26.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Max R. Levchin acquired 7,206 shares of the business’s stock in a transaction that occurred on Friday, October 24th. The shares were bought at an average price of $69.87 per share, with a total value of $503,483.22. Following the completion of the purchase, the director owned 14,267 shares in the company, 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 currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on KO. JPMorgan Chase & Co. lifted their price target on CocaCola from $77.00 to $79.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 23rd. Barclays reiterated an “overweight” rating on shares of CocaCola in a research note on Thursday, October 23rd. Cowen restated a “buy” rating on shares of CocaCola in a report on Wednesday, October 22nd. UBS Group lowered their price objective on CocaCola from $84.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, September 11th. Finally, Evercore ISI reissued an “outperform” rating on shares of CocaCola in a report on Tuesday, October 21st. 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 MarketBeat, CocaCola 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.