AGF Management Ltd. Has $5.61 Million Stock Holdings in CocaCola Company (The) (NYSE:KO)

Key Points

• AGF Management Ltd. reduced its holdings in CocaCola by 63.8%, selling 138,240 shares in the first quarter, leaving them with 78,275 shares valued at $5.6 million.
• CocaCola recently reported $0.87 earnings per share for the quarter, exceeding the consensus estimate of $0.83, alongside a revenue of $12.50 billion.
• The company announced a quarterly dividend of $0.51, payable on October 1st, with an annualized yield of 2.9% and a payout ratio of 72.34%.

AGF Management Ltd. decreased its stake in CocaCola Company (The) (NYSE:KO - Free Report) by 63.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,275 shares of the company's stock after selling 138,240 shares during the quarter. AGF Management Ltd.'s holdings in CocaCola were worth $5,606,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. 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 CocaCola in the 4th quarter valued at approximately $2,513,000. Cornerstone Wealth Management LLC raised its position in CocaCola by 3.3% in the 1st quarter. Cornerstone Wealth Management LLC now owns 121,279 shares of the company's stock valued at $8,686,000 after buying an additional 3,920 shares during the last quarter. Clark Capital Management Group Inc. raised its position in CocaCola by 31.8% in the 4th quarter. Clark Capital Management Group Inc. now owns 848,868 shares of the company's stock valued at $52,851,000 after buying an additional 204,681 shares during the last quarter. Finally, Investors Research Corp raised its position in CocaCola by 21.5% in the 1st quarter. Investors Research Corp now owns 10,419 shares of the company's stock valued at $746,000 after buying an additional 1,846 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Royal Bank Of Canada set a $76.00 target price on CocaCola and gave the company an "outperform" rating in a research report on Monday, July 21st. BNP Paribas reissued an "outperform" rating and issued a $83.00 target price on shares of CocaCola in a research report on Monday, July 21st. JPMorgan Chase & Co. raised their price target on CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Morgan Stanley restated an "overweight" rating and issued a $81.00 price target on shares of CocaCola in a research note on Monday, June 9th. Finally, UBS Group decreased their price target on CocaCola from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy 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.

CocaCola Stock Performance

Shares of NYSE KO traded down $0.89 during midday trading on Thursday, hitting $69.57. 10,708,941 shares of the company's stock were exchanged, compared to its average volume of 14,306,699. The company has a quick ratio of 0.98, a current ratio of 1.21 and a debt-to-equity ratio of 1.49. CocaCola Company has a 12 month low of $60.62 and a 12 month high of $74.38. The company's 50 day moving average price is $70.05 and its 200 day moving average price is $70.06. The firm has a market capitalization of $299.40 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 3.67 and a beta of 0.44.

CocaCola (NYSE:KO - Get Free Report) last issued its earnings results 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 return on equity of 44.91% and a net margin of 25.89%. The company 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 company posted $0.84 EPS. The firm's revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, analysts predict that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Dividend Announcement

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

Insider Activity at CocaCola

In related news, CEO James Quincey sold 266,403 shares of CocaCola 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 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 trade represents a 49.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nikolaos Koumettis sold 37,396 shares of CocaCola stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $69.10, for a total value of $2,584,063.60. Following the sale, 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. Company insiders own 0.97% of the company's stock.

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.