Benjamin Edwards Inc. Decreases Stake in CocaCola Company (The) (NYSE:KO)

Key Points

• Benjamin Edwards Inc. reduced its stake in Coca-Cola by 4.4%, selling 3,946 shares and maintaining a total of 85,291 shares valued at approximately $6.11 million.
• Several institutional investors, including Sage Financial Management Group Inc. and Clark Capital Management Group Inc., recently adjusted their holdings in Coca-Cola, with significant increases in ownership from others.
• Coca-Cola reported earnings of $0.87 per share in the last quarter, surpassing analysts' expectations, along with a quarterly dividend declaration of $0.51 per share scheduled for October 1st.

Benjamin Edwards Inc. trimmed its holdings in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 4.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,291 shares of the company's stock after selling 3,946 shares during the period. Benjamin Edwards Inc.'s holdings in CocaCola were worth $6,109,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Sage Financial Management Group Inc. acquired a new position in CocaCola during the first quarter worth $216,000. Voleon Capital Management LP acquired a new position in CocaCola during the fourth quarter worth $2,513,000. Cornerstone Wealth Management LLC raised its holdings in 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 purchasing an additional 3,920 shares during the last quarter. Clark Capital Management Group Inc. raised its holdings in 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 purchasing an additional 204,681 shares during the last quarter. Finally, Investors Research Corp raised its holdings in 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 purchasing an additional 1,846 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

CocaCola Stock Performance

CocaCola stock remained flat at $70.75 during trading on Tuesday. 11,060,613 shares of the company were exchanged, compared to its average volume of 14,526,525. The business's 50-day simple moving average is $70.09 and its 200-day simple moving average is $70.02. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.98 and a current ratio of 1.21. CocaCola Company has a 12-month low of $60.62 and a 12-month high of $74.38. The company has a market cap of $304.48 billion, a price-to-earnings ratio of 25.09, a price-to-earnings-growth ratio of 3.68 and a beta of 0.44.

CocaCola (NYSE:KO - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $0.87 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $12.55 billion. During the same period in the prior year, the company earned $0.84 EPS. The firm's revenue was up 2.5% on a year-over-year basis. Analysts anticipate that CocaCola Company will post 2.96 EPS for the current year.

CocaCola Announces Dividend

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

Analysts Set New Price Targets

Several brokerages recently issued reports on KO. Cfra Research upgraded CocaCola to a "strong-buy" rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. boosted their price target on CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Morgan Stanley reiterated an "overweight" rating and issued a $81.00 price target on shares of CocaCola in a report on Monday, June 9th. UBS Group cut their price target on CocaCola from $86.00 to $84.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Finally, BNP Paribas reiterated an "outperform" rating and issued a $83.00 price target on shares of CocaCola in a report on Monday, July 21st. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, CocaCola has an average rating of "Buy" and a consensus price target of $77.21.

Insiders Place Their Bets

In related news, CEO James Quincey sold 266,403 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the completion of the sale, the chief executive officer directly owned 275,946 shares of the company's stock, valued at approximately $19,884,668.76. This represents a 49.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nikolaos Koumettis sold 37,396 shares of the company'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 completion of the transaction, the insider directly owned 209,513 shares of the company's stock, valued at approximately $14,477,348.30. The trade was a 15.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.

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.