Allstate Corp Raises Stake in CocaCola Company (The) $KO

Key Points

• Allstate Corp has increased its stake in Coca-Cola by 24.4% during the first quarter, now owning 151,481 shares valued at approximately $10.85 million.
• CEO James Quincey sold 266,403 shares of Coca-Cola stock for about $19.2 million, which represents a 49.12% decrease in his holdings.
• Coca-Cola has announced a quarterly dividend of $0.51, providing an annualized payout of $2.04, and a dividend yield of 2.9%.

Allstate Corp boosted its position in CocaCola Company (The) (NYSE:KO - Free Report) by 24.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,481 shares of the company's stock after buying an additional 29,753 shares during the period. Allstate Corp's holdings in CocaCola were worth $10,849,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of KO. Sage Financial Management Group Inc. acquired a new stake in shares of CocaCola during the first quarter worth approximately $216,000. Voleon Capital Management LP acquired a new stake in CocaCola in the 4th quarter worth approximately $2,513,000. Cornerstone Wealth Management LLC lifted its holdings in shares of CocaCola by 3.3% during the first quarter. Cornerstone Wealth Management LLC now owns 121,279 shares of the company's stock worth $8,686,000 after buying an additional 3,920 shares during the last quarter. Clark Capital Management Group Inc. increased its position in shares of CocaCola by 31.8% during the fourth quarter. Clark Capital Management Group Inc. now owns 848,868 shares of the company's stock valued at $52,851,000 after purchasing an additional 204,681 shares during the period. Finally, Fosun International Ltd bought a new stake in CocaCola in the first quarter valued at $216,000. Institutional investors and hedge funds own 70.26% of the company's stock.

Insiders Place Their Bets

In other news, CEO James Quincey sold 266,403 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $72.06, for a total value of $19,197,000.18. Following the completion of the sale, the chief executive officer owned 275,946 shares in the company, valued at approximately $19,884,668.76. This trade represents a 49.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nikolaos Koumettis sold 37,396 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $69.10, for a total transaction of $2,584,063.60. Following the transaction, the insider owned 209,513 shares of the company's stock, valued at $14,477,348.30. This trade represents a 15.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.97% of the stock is owned by corporate insiders.

CocaCola Stock Performance

CocaCola stock opened at $70.6030 on Friday. The firm has a market capitalization of $303.85 billion, a P/E ratio of 25.04, a price-to-earnings-growth ratio of 3.68 and a beta of 0.44. The company's 50-day moving average is $69.86 and its 200 day moving average is $70.29. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.21 and a quick ratio of 0.98. CocaCola Company has a 1-year low of $60.62 and a 1-year high of $74.38.

CocaCola (NYSE:KO - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.83 by $0.04. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. The business had revenue of $12.50 billion during the quarter, compared to the consensus estimate of $12.55 billion. During the same period in the previous year, the firm posted $0.84 earnings per share. The business's revenue for the quarter was up 2.5% compared to the same quarter last year. CocaCola has set its FY 2025 guidance at 2.970-2.970 EPS. Research analysts forecast that CocaCola Company will post 2.96 EPS for the current year.

CocaCola Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. CocaCola's dividend payout ratio (DPR) is 72.34%.

Analysts Set New Price Targets

KO has been the topic of several analyst reports. Morgan Stanley reissued an "overweight" rating and issued a $81.00 target price on shares of CocaCola in a research note on Monday, June 9th. UBS Group decreased their price target on CocaCola from $86.00 to $84.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. boosted their price objective on CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Royal Bank Of Canada set a $76.00 price objective on CocaCola and gave the stock an "outperform" rating in a report on Monday, July 21st. Finally, BNP Paribas restated an "outperform" rating and set a $83.00 target price on shares of CocaCola in a research report on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, CocaCola presently has an average rating of "Buy" and an average price target of $77.21.

About CocaCola

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.

Want to see what other hedge funds are holding KO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CocaCola Company (The) (NYSE:KO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.