CocaCola Company (The) (NYSE:KO) Shares Acquired by Baker Avenue Asset Management LP

Key Points

• Baker Avenue Asset Management LP significantly increased its stake in CocaCola by 177.6%, owning 28,342 shares valued at approximately $2.03 million after acquiring 18,131 additional shares in the first quarter.
• Several institutional investors, including Capital International Investors and GAMMA Investing LLC, have also raised their stakes in CocaCola, indicating strong institutional interest with about 70.26% of the stock owned by institutional investors.
• CocaCola recently announced a quarterly dividend of $0.51 per share, which results in an annualized yield of 3.0% and reflects a dividend payout ratio of 72.34%.

Baker Avenue Asset Management LP increased its stake in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 177.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,342 shares of the company's stock after buying an additional 18,131 shares during the period. Baker Avenue Asset Management LP's holdings in CocaCola were worth $2,030,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Sage Financial Management Group Inc. acquired a new stake in shares of CocaCola during the first quarter worth about $216,000. Voleon Capital Management LP acquired a new stake in shares of CocaCola in the 4th quarter valued at about $2,513,000. Cornerstone Wealth Management LLC lifted its holdings in shares of CocaCola by 3.3% in the first quarter. Cornerstone Wealth Management LLC now owns 121,279 shares of the company's stock valued at $8,686,000 after purchasing an additional 3,920 shares in the last quarter. Clark Capital Management Group Inc. boosted 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 worth $52,851,000 after buying an additional 204,681 shares during the period. Finally, Investors Research Corp grew its holdings in shares of CocaCola by 21.5% during the first quarter. Investors Research Corp now owns 10,419 shares of the company's stock worth $746,000 after buying an additional 1,846 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

CocaCola Stock Performance

Shares of NYSE KO traded up $0.44 during trading hours on Wednesday, reaching $69.49. The stock had a trading volume of 10,770,251 shares, compared to its average volume of 17,157,236. The firm has a market cap of $299.07 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 3.59 and a beta of 0.44. CocaCola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38. The firm has a 50-day moving average of $70.22 and a 200-day moving average of $69.73. The company has a current ratio of 1.21, a quick ratio of 0.98 and a debt-to-equity ratio of 1.49.

CocaCola (NYSE:KO - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.04. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. The firm had revenue of $12.50 billion for the quarter, compared to analyst estimates of $12.55 billion. During the same period last year, the firm posted $0.84 EPS. CocaCola's quarterly revenue was up 2.5% on a year-over-year basis. Equities research analysts predict that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.51 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.04 annualized dividend and a yield of 2.9%. CocaCola's payout ratio is 72.34%.

Insider Activity

In other news, EVP Beatriz R. Perez sold 60,326 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $71.87, for a total transaction of $4,335,629.62. Following the transaction, the executive vice president directly owned 187,716 shares in the company, valued at $13,491,148.92. This represents a 24.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James Quincey sold 266,403 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the transaction, the chief executive officer directly owned 275,946 shares in the company, valued at approximately $19,884,668.76. This represents a 49.12% decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on KO. Morgan Stanley restated an "overweight" rating and issued a $81.00 target price on shares of CocaCola in a research note on Monday, June 9th. UBS Group lowered their price target on shares of CocaCola from $86.00 to $84.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. BNP Paribas reissued an "outperform" rating and set a $83.00 price target on shares of CocaCola in a research report on Monday, July 21st. JPMorgan Chase & Co. raised their price objective on CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Finally, Royal Bank Of Canada set a $76.00 price target on CocaCola and gave the company an "outperform" rating in a research report on Monday, July 21st. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, CocaCola currently has an average rating of "Buy" and an average price target of $77.21.

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.