Kornitzer Capital Management Inc. KS Sells 8,620 Shares of CocaCola Company (The) $KO

Key Points

• Kornitzer Capital Management Inc. reduced its stake in Coca-Cola by 1.3%, selling 8,620 shares, and now owns 645,639 shares valued at approximately $45.68 million.
• Coca-Cola's stock has received multiple positive ratings from analysts, with an average price target of $78.31 and most recently rated as "outperform" by BNP Paribas and "overweight" by JPMorgan.
• The company announced a quarterly dividend of $0.51 per share, representing an annual yield of 2.9%, to be issued on December 15th.

Kornitzer Capital Management Inc. KS lowered its stake in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 1.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 645,639 shares of the company's stock after selling 8,620 shares during the quarter. CocaCola makes up approximately 0.9% of Kornitzer Capital Management Inc. KS's holdings, making the stock its 26th biggest holding. Kornitzer Capital Management Inc. KS's holdings in CocaCola were worth $45,679,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in KO. Brighton Jones LLC lifted its position in CocaCola by 13.3% during the 4th quarter. Brighton Jones LLC now owns 39,072 shares of the company's stock valued at $2,433,000 after purchasing an additional 4,591 shares during the period. Revolve Wealth Partners LLC lifted its position in CocaCola by 3.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 8,795 shares of the company's stock valued at $548,000 after purchasing an additional 293 shares during the period. GAMMA Investing LLC lifted its position in CocaCola by 19.0% during the 1st quarter. GAMMA Investing LLC now owns 83,231 shares of the company's stock valued at $5,961,000 after purchasing an additional 13,261 shares during the period. Pure Financial Advisors LLC increased its stake in CocaCola by 42.7% during the 1st quarter. Pure Financial Advisors LLC now owns 8,081 shares of the company's stock worth $579,000 after purchasing an additional 2,418 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in CocaCola by 25.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 196,331 shares of the company's stock worth $14,061,000 after purchasing an additional 40,178 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. BNP Paribas reaffirmed an "outperform" rating and issued a $83.00 target price on shares of CocaCola in a research note on Monday, July 21st. 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 note on Wednesday, July 23rd. Evercore ISI reaffirmed an "outperform" rating on shares of CocaCola in a research note on Tuesday. Wells Fargo & Company raised their price target on shares of CocaCola from $75.00 to $79.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, UBS Group decreased their price target on shares of CocaCola from $84.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $78.31.

Insider Transactions at CocaCola

In other CocaCola news, 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 transaction of $2,584,063.60. Following the completion of the sale, the insider owned 209,513 shares of the company's stock, valued at $14,477,348.30. This trade represents a 15.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.97% of the stock is owned by corporate insiders.

CocaCola Stock Down 0.3%

Shares of NYSE:KO traded down $0.20 during midday trading on Friday, hitting $69.74. The stock had a trading volume of 15,676,356 shares, compared to its average volume of 15,649,827. CocaCola Company has a 12 month low of $60.62 and a 12 month high of $74.38. The company has a quick ratio of 0.98, a current ratio of 1.21 and a debt-to-equity ratio of 1.30. The business's 50-day simple moving average is $67.81 and its 200-day simple moving average is $69.73. The company has a market cap of $300.13 billion, a P/E ratio of 23.09, a PEG ratio of 3.66 and a beta of 0.43.

CocaCola (NYSE:KO - Get Free Report) last released its earnings results on Thursday, March 27th. The company reported $0.55 earnings per share for the quarter. CocaCola had a net margin of 27.34% and a return on equity of 43.62%. The business had revenue of $11.40 billion during the quarter. On average, sell-side analysts forecast that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $2.04 annualized dividend and a yield of 2.9%. CocaCola's dividend payout ratio (DPR) is currently 67.55%.

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.

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