Bridgewater Associates LP Trims Holdings in The Coca-Cola Company (NYSE:KO)

Bridgewater Associates LP cut its position in shares of The Coca-Cola Company (NYSE:KO) by 56.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,230,674 shares of the company’s stock after selling 2,916,201 shares during the period. Coca-Cola makes up 0.9% of Bridgewater Associates LP’s holdings, making the stock its 21st biggest holding. Bridgewater Associates LP’s holdings in Coca-Cola were worth $160,296,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Apella Capital LLC lifted its stake in shares of Coca-Cola by 1.4% in the 3rd quarter. Apella Capital LLC now owns 10,533 shares of the company’s stock valued at $748,000 after purchasing an additional 146 shares in the last quarter. Investment Advisory Group LLC raised its holdings in Coca-Cola by 4.5% in the third quarter. Investment Advisory Group LLC now owns 3,378 shares of the company’s stock valued at $243,000 after buying an additional 146 shares during the period. Elwood & Goetz Wealth Advisory Group LLC lifted its position in Coca-Cola by 2.2% during the second quarter. Elwood & Goetz Wealth Advisory Group LLC now owns 6,871 shares of the company’s stock valued at $437,000 after buying an additional 149 shares in the last quarter. CCG Wealth Management LLC grew its stake in Coca-Cola by 4.3% during the third quarter. CCG Wealth Management LLC now owns 3,614 shares of the company’s stock worth $260,000 after buying an additional 149 shares during the period. Finally, Investment Partners Asset Management Inc. increased its position in shares of Coca-Cola by 2.2% in the third quarter. Investment Partners Asset Management Inc. now owns 6,956 shares of the company’s stock worth $500,000 after acquiring an additional 150 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the sale, the chief executive officer now directly owns 342,546 shares in the company, valued at $21,933,220.38. This trade represents a 22.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Stock Performance

Shares of KO stock opened at $64.58 on Wednesday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The stock has a market capitalization of $278.20 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 3.91 and a beta of 0.61. The Coca-Cola Company has a one year low of $57.47 and a one year high of $73.53. The company’s 50-day simple moving average is $67.49 and its 200-day simple moving average is $66.59.

Coca-Cola (NYSE:KO) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.74 by $0.03. The company had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The business’s revenue was down .8% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. Equities analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.485 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a yield of 3.00%. Coca-Cola’s payout ratio is currently 80.17%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Truist Financial boosted their price objective on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Cfra reiterated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Morgan Stanley reduced their price target on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Finally, Barclays decreased their price target on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Four analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Coca-Cola presently has an average rating of “Moderate Buy” and an average target price of $72.36.

Coca-Cola 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.