Payden & Rygel decreased its holdings in The Coca-Cola Company (NYSE:KO – Get Rating) by 41.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 361,380 shares of the company’s stock after selling 257,000 shares during the quarter. Payden & Rygel’s holdings in Coca-Cola were worth $22,406,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of KO. Norges Bank bought a new stake in Coca-Cola during the 4th quarter worth approximately $2,222,027,000. Nordea Investment Management AB boosted its stake in Coca-Cola by 120.1% during the fourth quarter. Nordea Investment Management AB now owns 23,263,360 shares of the company’s stock worth $1,365,443,000 after acquiring an additional 12,694,169 shares in the last quarter. BlackRock Inc. boosted its stake in Coca-Cola by 3.7% during the fourth quarter. BlackRock Inc. now owns 279,741,946 shares of the company’s stock worth $16,563,519,000 after acquiring an additional 9,884,447 shares in the last quarter. abrdn plc boosted its stake in Coca-Cola by 144.5% during the fourth quarter. abrdn plc now owns 5,790,891 shares of the company’s stock worth $342,878,000 after acquiring an additional 3,422,105 shares in the last quarter. Finally, State Street Corp boosted its stake in Coca-Cola by 1.8% during the fourth quarter. State Street Corp now owns 170,597,908 shares of the company’s stock worth $10,101,102,000 after acquiring an additional 2,984,878 shares in the last quarter. Institutional investors and hedge funds own 68.51% of the company’s stock.
In other Coca-Cola news, COO Brian John Smith sold 35,800 shares of the stock in a transaction on Monday, April 25th. The stock was sold at an average price of $67.04, for a total value of $2,400,032.00. Following the sale, the chief operating officer now owns 116,168 shares in the company, valued at $7,787,902.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Beatriz R. Perez sold 143,924 shares of the firm’s stock in a transaction on Thursday, May 5th. The shares were sold at an average price of $64.78, for a total value of $9,323,396.72. Following the transaction, the senior vice president now owns 121,178 shares in the company, valued at approximately $7,849,910.84. The disclosure for this sale can be found here. Insiders have sold a total of 412,161 shares of company stock valued at $26,786,278 over the last quarter. Corporate insiders own 0.98% of the company’s stock.
Coca-Cola (NYSE:KO – Get Rating) last announced its quarterly earnings data on Monday, April 25th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.06. The business had revenue of $10.50 billion during the quarter, compared to analyst estimates of $9.83 billion. Coca-Cola had a net margin of 25.69% and a return on equity of 41.84%. The company’s revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $0.55 EPS. As a group, equities research analysts predict that The Coca-Cola Company will post 2.47 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.86%. Coca-Cola’s dividend payout ratio is currently 73.95%.
KO has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of Coca-Cola from $62.00 to $64.00 and gave the company a “hold” rating in a report on Tuesday, April 26th. Truist Financial raised their price objective on shares of Coca-Cola from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, April 26th. Citigroup raised their price objective on shares of Coca-Cola from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, April 26th. Cowen raised their price objective on shares of Coca-Cola from $65.00 to $68.00 and gave the stock a “market perform” rating in a report on Tuesday, April 26th. Finally, Guggenheim raised their price objective on shares of Coca-Cola from $68.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, April 26th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.05.
Coca-Cola Profile (Get Rating)
The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; flavored and enhanced water, and sports drinks; juice, dairy, and plant-based beverages; tea and coffee; and energy drinks. 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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