Pinnacle Associates Ltd. Sells 6,002 Shares of Coca-Cola Company (The) (KO)
Pinnacle Associates Ltd. lowered its position in shares of Coca-Cola Company (The) (NYSE:KO) by 4.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 117,330 shares of the company’s stock after selling 6,002 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Coca-Cola were worth $5,262,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the business. Cambridge Advisors Inc. increased its holdings in shares of Coca-Cola by 0.3% during the second quarter. Cambridge Advisors Inc. now owns 8,137 shares of the company’s stock valued at $365,000 after acquiring an additional 26 shares in the last quarter. Lyell Wealth Management LP increased its holdings in shares of Coca-Cola by 0.6% during the second quarter. Lyell Wealth Management LP now owns 7,950 shares of the company’s stock valued at $359,000 after acquiring an additional 50 shares in the last quarter. Regentatlantic Capital LLC increased its holdings in shares of Coca-Cola by 0.4% during the second quarter. Regentatlantic Capital LLC now owns 15,826 shares of the company’s stock valued at $710,000 after acquiring an additional 64 shares in the last quarter. Vigilant Capital Management LLC increased its holdings in shares of Coca-Cola by 1.9% during the second quarter. Vigilant Capital Management LLC now owns 3,593 shares of the company’s stock valued at $161,000 after acquiring an additional 68 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Coca-Cola by 0.6% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 16,963 shares of the company’s stock valued at $753,000 after acquiring an additional 95 shares in the last quarter. 65.38% of the stock is owned by institutional investors and hedge funds.
In other news, insider J Alexander Douglas, Jr. sold 338,009 shares of Coca-Cola stock in a transaction dated 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 transaction, the insider now directly owns 320,013 shares of the company’s stock, valued at approximately $14,749,399.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.51% of the stock is owned by insiders.
Coca-Cola Company (NYSE KO) traded up $0.26 during trading on Tuesday, hitting $46.23. The company’s stock had a trading volume of 17,523,500 shares, compared to its average volume of 11,503,192. The company has a market cap of $195,862.86, a P/E ratio of 24.32, a P/E/G ratio of 3.89 and a beta of 0.70. Coca-Cola Company has a 1-year low of $40.22 and a 1-year high of $47.48. The company has a current ratio of 1.39, a quick ratio of 1.30 and a debt-to-equity ratio of 1.47.
Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Wednesday, October 25th. The company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. Coca-Cola had a return on equity of 36.21% and a net margin of 12.20%. The firm had revenue of $9.08 billion for the quarter, compared to analysts’ expectations of $8.73 billion. During the same period in the previous year, the firm earned $0.49 EPS. The business’s quarterly revenue was down 14.6% on a year-over-year basis. equities research analysts forecast that Coca-Cola Company will post 1.9 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.37 per share. The ex-dividend date is Thursday, November 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.20%. Coca-Cola’s payout ratio is currently 140.95%.
Several equities analysts have recently weighed in on the company. Goldman Sachs Group set a $45.00 price target on Coca-Cola and gave the company a “sell” rating in a report on Wednesday, November 15th. Cowen reiterated a “hold” rating and issued a $42.00 price objective on shares of Coca-Cola in a report on Thursday, August 24th. J P Morgan Chase & Co set a $49.00 price objective on Coca-Cola and gave the stock a “neutral” rating in a report on Thursday, November 16th. Vetr upgraded Coca-Cola from a “sell” rating to a “strong-buy” rating in a report on Tuesday, September 12th. Finally, Morgan Stanley set a $48.00 price objective on Coca-Cola and gave the stock a “neutral” rating in a report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and nine have given a buy rating to the company. Coca-Cola has an average rating of “Hold” and a consensus target price of $47.80.
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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