The Coca-Cola Company (NYSE:KO) Shares Sold by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board reduced its stake in The Coca-Cola Company (NYSE:KO) by 20% in Q4, now holding 7,425,349 shares valued at $462.3 million. Other hedge funds also increased their positions. Coca-Cola's stock opened at $71.72, with a market cap of $308.65 billion and a PE ratio of 29.04. The company recently announced a quarterly dividend increase to $0.51. Analysts have set price targets ranging from $75 to $78, with an average rating of "Moderate Buy."
Canada Pension Plan Investment Board lessened its holdings in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 20.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,425,349 shares of the company's stock after selling 1,854,597 shares during the period. Canada Pension Plan Investment Board owned 0.17% of Coca-Cola worth $462,302,000 at the end of the most recent reporting period.
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A number of other hedge funds also recently bought and sold shares of KO. Crowley Wealth Management Inc. purchased a new stake in shares of Coca-Cola in the fourth quarter valued at approximately $27,000. Mainstream Capital Management LLC purchased a new stake in Coca-Cola in the 4th quarter valued at $31,000. Retirement Wealth Solutions LLC acquired a new stake in shares of Coca-Cola in the 4th quarter worth $37,000. Murphy & Mullick Capital Management Corp purchased a new position in shares of Coca-Cola during the 4th quarter worth $38,000. Finally, Hoey Investments Inc. boosted its position in shares of Coca-Cola by 41.9% during the 4th quarter. Hoey Investments Inc. now owns 613 shares of the company's stock valued at $38,000 after acquiring an additional 181 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.
Coca-Cola Price Performance
Coca-Cola stock opened at $71.72 on Thursday. The company's 50 day moving average is $70.11 and its two-hundred day moving average is $66.40. The firm has a market cap of $308.65 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 3.79 and a beta of 0.45. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.61. The Coca-Cola Company has a 52-week low of $58.10 and a 52-week high of $73.95.
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Coca-Cola (NYSE:KO - Get Free Report) last released its earnings results on Tuesday, February 11th. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. On average, research analysts expect that The Coca-Cola Company will post 2.96 EPS for the current fiscal year.
Coca-Cola Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.51 dividend. This is a boost from Coca-Cola's previous quarterly dividend of $0.49. The ex-dividend date was Friday, March 14th. This represents a $2.04 annualized dividend and a yield of 2.84%. Coca-Cola's dividend payout ratio (DPR) is 82.59%.
Analysts Set New Price Targets
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A number of brokerages have commented on KO. TD Cowen raised shares of Coca-Cola from a "hold" rating to a "buy" rating and set a $75.00 target price on the stock in a research note on Wednesday, January 8th. Morgan Stanley lifted their price target on shares of Coca-Cola from $76.00 to $78.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Evercore ISI increased their price objective on Coca-Cola from $72.00 to $75.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Jefferies Financial Group upgraded Coca-Cola from a "hold" rating to a "buy" rating and lifted their target price for the company from $69.00 to $75.00 in a research report on Thursday, January 30th. Finally, UBS Group increased their price target on Coca-Cola from $72.00 to $78.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $74.24.
View Our Latest Stock Analysis on Coca-Cola
Insider Buying and Selling
In related news, COO Henrique Braun sold 25,277 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $71.47, for a total transaction of $1,806,547.19. Following the completion of the sale, the chief operating officer now owns 52,466 shares in the company, valued at $3,749,745.02. The trade was a 32.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bruno Pietracci sold 19,058 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $70.56, for a total transaction of $1,344,732.48. The disclosure for this sale can be found here. Insiders sold 313,423 shares of company stock worth $22,263,071 over the last 90 days. 0.90% of the stock is owned by insiders.
About Coca-Cola
(Free Report)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.
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