Lockheed Martin Investment Management Co. Reduces Stake in CocaCola Company (The) (NYSE:KO)

Key Points

• Lockheed Martin Investment Management Co. reduced its holdings in CocaCola Company by 2.3%, selling 5,090 shares, and now owns 213,895 shares valued at approximately $15.3 million.
• CocaCola reported earnings of $0.87 per share, exceeding estimates, with a revenue of $12.50 billion for the quarter, reflecting a 2.5% increase compared to the previous year.
• The company announced a quarterly dividend of $0.51 per share, representing an annual yield of 2.9%, payable on October 1st to shareholders on record as of September 15th.

Lockheed Martin Investment Management Co. trimmed its stake in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 2.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 213,895 shares of the company's stock after selling 5,090 shares during the quarter. Lockheed Martin Investment Management Co.'s holdings in CocaCola were worth $15,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. New Republic Capital LLC grew its position in CocaCola by 1.6% during the 1st quarter. New Republic Capital LLC now owns 8,662 shares of the company's stock valued at $625,000 after purchasing an additional 139 shares during the last quarter. Alteri Wealth LLC lifted its stake in CocaCola by 2.1% during the 1st quarter. Alteri Wealth LLC now owns 6,874 shares of the company's stock valued at $492,000 after acquiring an additional 140 shares during the period. Deseret Mutual Benefit Administrators lifted its stake in CocaCola by 0.7% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 20,099 shares of the company's stock valued at $1,439,000 after acquiring an additional 143 shares during the period. MBA Advisors LLC lifted its stake in CocaCola by 1.2% during the 1st quarter. MBA Advisors LLC now owns 12,443 shares of the company's stock valued at $891,000 after acquiring an additional 143 shares during the period. Finally, BXM Wealth LLC lifted its stake in CocaCola by 4.3% during the 1st quarter. BXM Wealth LLC now owns 3,532 shares of the company's stock valued at $253,000 after acquiring an additional 144 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on KO shares. Morgan Stanley restated an "overweight" rating and set a $81.00 target price on shares of CocaCola in a research note on Monday, June 9th. Cfra Research upgraded shares of CocaCola to a "strong-buy" rating in a research note on Tuesday, April 15th. Royal Bank Of Canada set a $76.00 target price on shares of CocaCola and gave the stock an "outperform" rating in a research note on Monday, July 21st. BNP Paribas restated an "outperform" rating and set a $83.00 target price on shares of CocaCola in a research note on Monday, July 21st. Finally, UBS Group decreased their target price 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. One equities 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 MarketBeat.com, CocaCola currently has a consensus rating of "Buy" and a consensus target price of $77.21.

Insider Activity

In other CocaCola news, insider Nikolaos Koumettis sold 37,396 shares of CocaCola stock in a transaction dated 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 transaction, the insider owned 209,513 shares in the company, valued at $14,477,348.30. The trade was a 15.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James Quincey sold 266,403 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 275,946 shares in the company, valued at $19,884,668.76. The trade was a 49.12% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.90% of the company's stock.

CocaCola Price Performance

Shares of NYSE:KO remained flat at $70.75 on Tuesday. The stock had a trading volume of 11,060,613 shares, compared to its average volume of 14,526,525. CocaCola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38. The company has a market capitalization of $304.48 billion, a PE ratio of 25.09, a price-to-earnings-growth ratio of 3.68 and a beta of 0.44. The stock'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 current ratio of 1.21 and a quick ratio of 0.98.

CocaCola (NYSE:KO - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $0.87 earnings per share 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 business had revenue of $12.50 billion during the quarter, compared to the consensus estimate of $12.55 billion. During the same period last year, the company earned $0.84 earnings per share. The business's revenue for the quarter was up 2.5% compared to the same quarter last year. Equities analysts forecast that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued 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 payout ratio is presently 72.34%.

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.