Corebridge Financial Inc. Sells 27,512 Shares of CocaCola Company (The) $KO

Key Points

• Corebridge Financial Inc. reduced its holdings in CocaCola Company by 3.1% during the first quarter, selling 27,512 shares, and now holds 863,548 shares valued at approximately $61.8 million.
• CocaCola reported $0.87 earnings per share for the most recent quarter, surpassing analysts' expectations, with quarterly revenue of $12.50 billion.
• The company announced a quarterly dividend of $0.51 per share to be paid on October 1st, representing an annualized dividend yield of 2.9% and a payout ratio of 72.34%.

Corebridge Financial Inc. reduced its position in CocaCola Company (The) (NYSE:KO - Free Report) by 3.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 863,548 shares of the company's stock after selling 27,512 shares during the quarter. Corebridge Financial Inc.'s holdings in CocaCola were worth $61,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Nuveen LLC bought a new position in shares of CocaCola during the first quarter worth $1,508,657,000. Wellington Management Group LLP boosted its position in shares of CocaCola by 52.7% during the first quarter. Wellington Management Group LLP now owns 47,447,430 shares of the company's stock worth $3,398,185,000 after acquiring an additional 16,383,870 shares during the last quarter. Boston Partners bought a new position in shares of CocaCola during the first quarter worth $642,183,000. GAMMA Investing LLC boosted its position in shares of CocaCola by 8,419.4% during the first quarter. GAMMA Investing LLC now owns 5,961,004 shares of the company's stock worth $426,927,000 after acquiring an additional 5,891,034 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of CocaCola by 9.5% during the fourth quarter. Northern Trust Corp now owns 43,802,296 shares of the company's stock worth $2,727,131,000 after acquiring an additional 3,811,756 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

CocaCola Trading Down 0.2%

Shares of KO traded down $0.12 during midday trading on Tuesday, hitting $68.81. The stock had a trading volume of 17,947,439 shares, compared to its average volume of 12,743,540. CocaCola Company has a 1 year low of $60.62 and a 1 year high of $74.38. The firm has a market cap of $296.12 billion, a PE ratio of 24.40, a price-to-earnings-growth ratio of 3.59 and a beta of 0.44. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.21 and a quick ratio of 0.98. The stock's 50 day moving average is $69.80 and its 200 day moving average is $70.47.

CocaCola (NYSE:KO - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.04. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. The business had revenue of $12.50 billion for the quarter, compared to the consensus estimate of $12.55 billion. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The business's revenue for the quarter was up 2.5% on a year-over-year basis. CocaCola has set its FY 2025 guidance at 2.970-2.970 EPS. As a group, analysts forecast 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 issued a $0.51 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.0%. CocaCola's dividend payout ratio is presently 72.34%.

Analyst Ratings Changes

A number of brokerages recently weighed in on KO. JPMorgan Chase & Co. upped their target price on shares of CocaCola from $77.00 to $79.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. 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. UBS Group dropped their target price on shares of CocaCola from $86.00 to $84.00 and set a "buy" rating for the company in a research report on Wednesday, July 23rd. 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. Finally, Royal Bank Of Canada set a $76.00 price target on shares of CocaCola and gave the company an "outperform" rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, CocaCola has an average rating of "Buy" and an average price target of $77.21.

Insider Transactions at CocaCola

In other news, CEO James Quincey sold 266,403 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $72.06, for a total value of $19,197,000.18. Following the transaction, the chief executive officer directly owned 275,946 shares in the company, 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 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 stock was 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 owned 209,513 shares in the company, 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. Corporate insiders own 0.90% of the company's stock.

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.