Voya Investment Management LLC Cuts Position in CocaCola Company (The) $KO

Voya Investment Management LLC lowered its stake in shares of CocaCola Company (The) (NYSE:KO) by 25.9% during the third quarter, Holdings Channel reports. The institutional investor owned 2,529,083 shares of the company’s stock after selling 882,854 shares during the period. Voya Investment Management LLC’s holdings in CocaCola were worth $167,729,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. 1248 Management LLC purchased a new stake in shares of CocaCola during the 1st quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd increased its stake in CocaCola by 5,142.9% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 367 shares of the company’s stock valued at $26,000 after purchasing an additional 360 shares in the last quarter. Headlands Technologies LLC acquired a new position in CocaCola during the second quarter worth $26,000. MMA Asset Management LLC acquired a new position in CocaCola during the second quarter worth $34,000. Finally, GFG Capital LLC purchased a new stake in CocaCola during the second quarter worth $34,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

CocaCola Trading Down 0.4%

CocaCola stock opened at $70.39 on Friday. The stock has a 50-day moving average price of $70.20 and a 200 day moving average price of $69.47. CocaCola Company has a 52 week low of $60.62 and a 52 week high of $74.38. The stock has a market cap of $302.79 billion, a PE ratio of 23.31, a P/E/G ratio of 3.93 and a beta of 0.39. The company has a current ratio of 1.21, a quick ratio of 1.00 and a debt-to-equity ratio of 1.30.

CocaCola (NYSE:KO) last released its earnings results on Thursday, March 27th. The company reported $0.55 earnings per share (EPS) for the quarter. CocaCola had a net margin of 27.34% and a return on equity of 43.62%. The company had revenue of $11.40 billion for the quarter. Equities research analysts predict that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were given a dividend of $0.51 per share. The ex-dividend date was Monday, December 1st. This represents a $2.04 dividend on an annualized basis and a yield of 2.9%. CocaCola’s dividend payout ratio (DPR) is 67.55%.

Insider Transactions at CocaCola

In other CocaCola news, EVP Monica Howard Douglas sold 13,548 shares of CocaCola stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $69.93, for a total value of $947,411.64. Following the completion of the sale, the executive vice president directly owned 37,725 shares of the company’s stock, valued at approximately $2,638,109.25. The trade was a 26.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Max R. Levchin purchased 7,206 shares of CocaCola stock in a transaction on Friday, October 24th. The shares were acquired at an average cost of $69.87 per share, for a total transaction of $503,483.22. Following the purchase, the director owned 14,267 shares in the company, valued at approximately $996,835.29. This trade represents a 102.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 225,252 shares of company stock worth $15,953,007 in the last three months. 0.97% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on KO shares. Piper Sandler raised their price target on CocaCola from $80.00 to $81.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Cowen reissued a “buy” rating on shares of CocaCola in a research note on Wednesday, October 22nd. TD Cowen raised their target price on shares of CocaCola from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. UBS Group restated a “buy” rating on shares of CocaCola in a research report on Friday, December 5th. Finally, Bank of America increased their price target on shares of CocaCola from $78.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $79.08.

CocaCola Company Profile

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.