The Coca-Cola Co (KO) Position Trimmed by South Dakota Investment Council
South Dakota Investment Council reduced its position in The Coca-Cola Co (NYSE:KO) by 31.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 186,842 shares of the company’s stock after selling 84,200 shares during the period. South Dakota Investment Council’s holdings in The Coca-Cola were worth $8,847,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. CX Institutional purchased a new stake in The Coca-Cola during the 4th quarter valued at $928,000. Moller Financial Services purchased a new stake in The Coca-Cola during the 4th quarter valued at $292,000. Moody National Bank Trust Division raised its stake in The Coca-Cola by 7.2% during the 4th quarter. Moody National Bank Trust Division now owns 34,209 shares of the company’s stock valued at $1,620,000 after buying an additional 2,303 shares during the last quarter. Ancora Advisors LLC raised its stake in The Coca-Cola by 21.0% during the 3rd quarter. Ancora Advisors LLC now owns 51,438 shares of the company’s stock valued at $2,377,000 after buying an additional 8,941 shares during the last quarter. Finally, Man Group plc raised its stake in The Coca-Cola by 34.2% during the 3rd quarter. Man Group plc now owns 617,032 shares of the company’s stock valued at $28,501,000 after buying an additional 157,187 shares during the last quarter. Institutional investors own 66.99% of the company’s stock.
A number of brokerages have weighed in on KO. HSBC lowered shares of The Coca-Cola from a “buy” rating to a “hold” rating and decreased their target price for the company from $64.00 to $50.00 in a research note on Tuesday, March 12th. They noted that the move was a valuation call. Jefferies Financial Group reiterated a “hold” rating and set a $46.00 target price on shares of The Coca-Cola in a research note on Monday, March 11th. Credit Suisse Group began coverage on shares of The Coca-Cola in a research note on Wednesday, March 6th. They set a “neutral” rating and a $48.00 target price for the company. Zacks Investment Research lowered shares of The Coca-Cola from a “hold” rating to a “sell” rating in a research note on Friday, February 22nd. Finally, Morgan Stanley set a $48.00 price objective on shares of The Coca-Cola and gave the company a “hold” rating in a research report on Friday, February 15th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $50.60.
The Coca-Cola (NYSE:KO) last issued its earnings results on Thursday, February 14th. The company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. The company had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $7.07 billion. The Coca-Cola had a net margin of 20.20% and a return on equity of 43.91%. The Coca-Cola’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.39 EPS. On average, sell-side analysts forecast that The Coca-Cola Co will post 2.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a $0.40 dividend. The ex-dividend date is Thursday, March 14th. This represents a $1.60 annualized dividend and a yield of 3.53%. This is an increase from The Coca-Cola’s previous quarterly dividend of $0.39. The Coca-Cola’s dividend payout ratio is currently 75.00%.
In related news, SVP Beatriz R. Perez sold 10,000 shares of the company’s stock in a transaction on Friday, February 1st. The shares were sold at an average price of $48.50, for a total value of $485,000.00. Following the completion of the transaction, the senior vice president now owns 92,645 shares of the company’s stock, valued at approximately $4,493,282.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Beatriz R. Perez sold 21,742 shares of the company’s stock in a transaction on Monday, February 4th. The stock was sold at an average price of $48.76, for a total transaction of $1,060,139.92. Following the completion of the transaction, the insider now directly owns 92,645 shares of the company’s stock, valued at approximately $4,517,370.20. The disclosure for this sale can be found here. Corporate insiders own 1.33% of the company’s stock.
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About The Coca-Cola
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; water, enhanced water, and sports drinks; juice, dairy, and plantbased 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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