Galvin Gaustad & Stein LLC Has $22.13 Million Stock Position in CocaCola Company (The) (NYSE:KO)

Key Points

• Galvin Gaustad & Stein LLC has reduced its stake in Coca-Cola Company by 29.0% in the first quarter, now holding 309,047 shares valued at approximately $22 million.
• Several institutional investors, including Mizuho Securities Co. Ltd. and Ridgewood Investments LLC, significantly increased their stakes in Coca-Cola during the same period.
• Coca-Cola recently declared a quarterly dividend of $0.51 per share, reflecting a 2.95% annualized dividend yield, to be paid on October 1st.

Galvin Gaustad & Stein LLC trimmed its stake in CocaCola Company (The) (NYSE:KO - Free Report) by 29.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 309,047 shares of the company's stock after selling 126,230 shares during the period. CocaCola makes up 2.0% of Galvin Gaustad & Stein LLC's investment portfolio, making the stock its 17th largest holding. Galvin Gaustad & Stein LLC's holdings in CocaCola were worth $22,134,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the stock. Alteri Wealth LLC grew its stake in shares of CocaCola by 2.1% in the 1st quarter. Alteri Wealth LLC now owns 6,874 shares of the company's stock valued at $492,000 after purchasing an additional 140 shares during the last quarter. Deseret Mutual Benefit Administrators grew its position in CocaCola by 0.7% in the 1st quarter. Deseret Mutual Benefit Administrators now owns 20,099 shares of the company's stock valued at $1,439,000 after buying an additional 143 shares during the last quarter. MBA Advisors LLC grew its position in CocaCola by 1.2% in the 1st quarter. MBA Advisors LLC now owns 12,443 shares of the company's stock valued at $891,000 after buying an additional 143 shares during the last quarter. BXM Wealth LLC grew its position in CocaCola by 4.3% in the 1st quarter. BXM Wealth LLC now owns 3,532 shares of the company's stock valued at $253,000 after buying an additional 144 shares during the last quarter. Finally, MTM Investment Management LLC boosted its holdings in shares of CocaCola by 0.3% in the first quarter. MTM Investment Management LLC now owns 50,612 shares of the company's stock valued at $3,637,000 after acquiring an additional 144 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at CocaCola

In other news, CEO James Quincey sold 266,403 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $72.06, for a total value of $19,197,000.18. Following the completion of the transaction, the chief executive officer owned 275,946 shares of the company's stock, valued at approximately $19,884,668.76. This represents a 49.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 completion of the transaction, the executive vice president owned 187,716 shares of the company's stock, valued at $13,491,148.92. This represents a 24.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 415,387 shares of company stock valued at $29,923,985 in the last quarter. Insiders own 0.97% of the company's stock.

CocaCola Stock Down 0.7%

Shares of NYSE KO traded down $0.49 during midday trading on Thursday, reaching $68.26. 6,227,088 shares of the company's stock were exchanged, compared to its average volume of 17,211,385. 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 52-week low of $60.62 and a 52-week high of $74.38. The business's fifty day moving average price is $70.45 and its two-hundred day moving average price is $69.49. The stock has a market capitalization of $293.77 billion, a PE ratio of 24.21, a price-to-earnings-growth ratio of 3.61 and a beta of 0.45.

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

CocaCola Dividend Announcement

The firm also recently disclosed 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 dividend yield of 2.99%. The ex-dividend date is Monday, September 15th. CocaCola's dividend payout ratio is presently 72.34%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on KO. UBS Group lowered their price objective on CocaCola from $86.00 to $84.00 and set a "buy" rating on the stock in a report on Wednesday, July 23rd. Cfra Research upgraded CocaCola to a "strong-buy" rating in a research note on Tuesday, April 15th. Morgan Stanley restated an "overweight" rating and set a $81.00 target price on shares of CocaCola in a research report on Monday, June 9th. Royal Bank Of Canada set a $76.00 target price on shares of CocaCola and gave the stock an "outperform" rating in a research 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. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $77.21.

CocaCola 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.