iA Global Asset Management Inc. Sells 7,030 Shares of CocaCola Company (The) (NYSE:KO)

Key Points

• iA Global Asset Management Inc. reduced its Coca-Cola shareholding by 3.6%, selling 7,030 shares, resulting in 189,620 shares remaining, valued at approximately $13.58 million.
• Multiple institutional investors, including Northern Trust Corp and Capital International Investors, have significantly increased their stakes in Coca-Cola, with a combined ownership of 70.26% of the stock.
• Despite a slight disappointment in revenue expectations, Coca-Cola reported a quarterly EPS of $0.87, topping analysts' estimates, and plans to pay a quarterly dividend of $0.51 per share on October 1st.

iA Global Asset Management Inc. reduced its holdings in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 3.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,620 shares of the company's stock after selling 7,030 shares during the quarter. iA Global Asset Management Inc.'s holdings in CocaCola were worth $13,581,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. New Republic Capital LLC lifted its holdings in shares of CocaCola by 1.6% in the 1st quarter. New Republic Capital LLC now owns 8,662 shares of the company's stock worth $625,000 after acquiring an additional 139 shares during the last quarter. Alteri Wealth LLC boosted its holdings in shares of CocaCola by 2.1% in the first 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 position in CocaCola by 0.7% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 20,099 shares of the company's stock worth $1,439,000 after acquiring an additional 143 shares during the period. MBA Advisors LLC boosted its holdings in shares of CocaCola by 1.2% in the first quarter. MBA Advisors LLC now owns 12,443 shares of the company's stock valued at $891,000 after acquiring an additional 143 shares in the last quarter. Finally, BXM Wealth LLC raised its position in CocaCola by 4.3% in the first quarter. BXM Wealth LLC now owns 3,532 shares of the company's stock worth $253,000 after acquiring an additional 144 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

KO has been the topic of several analyst reports. Morgan Stanley reaffirmed an "overweight" rating and set a $81.00 price target on shares of CocaCola in a research note on Monday, June 9th. BNP Paribas reiterated an "outperform" rating and issued a $83.00 price target on shares of CocaCola in a report on Monday, July 21st. JPMorgan Chase & Co. boosted their target price on shares of CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Cfra Research raised shares of CocaCola to a "strong-buy" rating in a report on Tuesday, April 15th. Finally, Royal Bank Of Canada set a $76.00 price target on shares of CocaCola and gave the company an "outperform" rating in a report on Monday, July 21st. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $77.21.

CocaCola Trading Up 1.3%

Shares of KO stock traded up $0.90 during trading hours on Thursday, reaching $70.41. The company had a trading volume of 15,784,037 shares, compared to its average volume of 14,805,632. CocaCola Company has a 1-year low of $60.62 and a 1-year high of $74.38. 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 firm has a market cap of $303.03 billion, a price-to-earnings ratio of 24.97, a P/E/G ratio of 3.62 and a beta of 0.44. The company has a 50 day moving average of $70.16 and a 200 day moving average of $69.78.

CocaCola (NYSE:KO - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.04. The business had revenue of $12.50 billion for 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 firm's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 earnings per share. On average, equities research analysts anticipate that CocaCola Company will post 2.96 EPS for the current year.

CocaCola Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given 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 2.9%. CocaCola's dividend payout ratio (DPR) is presently 72.34%.

Insiders Place Their Bets

In other news, CEO James Quincey sold 266,403 shares of the firm'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 completion of the sale, the chief executive officer directly owned 275,946 shares in the company, valued at $19,884,668.76. This trade represents a 49.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Nikolaos Koumettis sold 37,396 shares of the business'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 directly owned 209,513 shares in the company, valued at $14,477,348.30. This trade represents a 15.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by company insiders.

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.