Levin Capital Strategies L.P. Sells 9,554 Shares of CocaCola Company (The) (NYSE:KO)

Key Points

• Levin Capital Strategies L.P. has reduced its stake in CocaCola by 4.1%, now holding 226,147 shares, which represents about 1.7% of its portfolio.
• The company recently reported earnings per share of $0.87 for the latest quarter, exceeding expectations of $0.83, while revenue was $12.50 billion.
• CocaCola announced a quarterly dividend of $0.51, with a dividend yield of 3.0%, set to be paid to stockholders on October 1st.

Levin Capital Strategies L.P. reduced its holdings in CocaCola Company (The) (NYSE:KO - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 226,147 shares of the company's stock after selling 9,554 shares during the quarter. CocaCola accounts for 1.7% of Levin Capital Strategies L.P.'s portfolio, making the stock its 21st largest position. Levin Capital Strategies L.P.'s holdings in CocaCola were worth $16,197,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of KO. MorganRosel Wealth Management LLC bought a new position in shares of CocaCola in the first quarter valued at approximately $25,000. Garde Capital Inc. bought a new position in CocaCola during the 1st quarter valued at $30,000. Mizuho Securities Co. Ltd. increased its position in shares of CocaCola by 360.0% during the 1st quarter. Mizuho Securities Co. Ltd. now owns 460 shares of the company's stock valued at $33,000 after purchasing an additional 360 shares during the period. Ridgewood Investments LLC boosted its stake in CocaCola by 148.4% during the first quarter. Ridgewood Investments LLC now owns 477 shares of the company's stock valued at $34,000 after buying an additional 285 shares in the last quarter. Finally, REAP Financial Group LLC grew its holdings in CocaCola by 57.5% during the fourth quarter. REAP Financial Group LLC now owns 570 shares of the company's stock worth $35,000 after acquiring an additional 208 shares during the period. Institutional investors own 70.26% of the company's stock.

CocaCola Stock Performance

Shares of NYSE:KO traded up $0.90 during trading on Thursday, hitting $70.41. 15,784,037 shares of the stock were exchanged, compared to its average volume of 14,805,632. The company has a market capitalization of $303.03 billion, a price-to-earnings ratio of 24.97, a price-to-earnings-growth ratio of 3.62 and a beta of 0.44. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.98 and a current ratio of 1.21. The company's fifty day simple moving average is $70.16 and its 200-day simple moving average is $69.78. 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 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. The business had revenue of $12.50 billion during the quarter, compared to the consensus estimate of $12.55 billion. CocaCola had a return on equity of 44.91% and a net margin of 25.89%. CocaCola's revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. Sell-side analysts expect that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Announces Dividend

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

Insider Buying and Selling at CocaCola

In other news, CEO James Quincey sold 266,403 shares of CocaCola 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 transaction, the chief executive officer directly owned 275,946 shares of the company's stock, valued at $19,884,668.76. This trade represents a 49.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nikolaos Koumettis sold 37,396 shares of the firm's stock in a transaction 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 in the company, valued at $14,477,348.30. The trade was a 15.15% decrease in their position. The disclosure for this sale can be found here. 0.97% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

KO has been the topic of several recent research reports. BNP Paribas reaffirmed an "outperform" rating and issued a $83.00 price objective on shares of CocaCola in a research note on Monday, July 21st. UBS Group dropped their price target on CocaCola from $86.00 to $84.00 and set a "buy" rating on the stock in a report 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 research note on Monday, July 21st. Morgan Stanley reiterated an "overweight" rating and issued a $81.00 target price on shares of CocaCola in a report on Monday, June 9th. Finally, Cfra Research raised CocaCola to a "strong-buy" rating in a research report on Tuesday, April 15th. One equities research 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 company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target 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.