Mitsubishi UFJ Asset Management Co. Ltd. Grows Stake in CocaCola Company (The) (NYSE:KO)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Coca-Cola by 5.7%, acquiring an additional 866,773 shares to reach a total of 16,133,745 shares, valued at approximately $1.16 billion.
• Coca-Cola CEO James Quincey sold 266,403 shares of stock for $19.2 million, representing a 49.12% decrease in share ownership.
• The company announced a quarterly dividend of $0.51 per share, which will be paid on October 1st, with a dividend yield of 2.9%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 5.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,133,745 shares of the company's stock after buying an additional 866,773 shares during the quarter. CocaCola accounts for approximately 1.1% of Mitsubishi UFJ Asset Management Co. Ltd.'s portfolio, making the stock its 16th largest holding. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.37% of CocaCola worth $1,155,499,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of CocaCola by 13.3% during the fourth quarter. Brighton Jones LLC now owns 39,072 shares of the company's stock valued at $2,433,000 after buying an additional 4,591 shares during the period. Revolve Wealth Partners LLC raised its stake in shares of CocaCola by 3.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 8,795 shares of the company's stock valued at $548,000 after acquiring an additional 293 shares during the period. Bank Pictet & Cie Europe AG increased its stake in CocaCola by 12.2% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 19,102 shares of the company's stock worth $1,189,000 after buying an additional 2,072 shares during the period. Renaissance Technologies LLC increased its stake in CocaCola by 59.6% during the 4th quarter. Renaissance Technologies LLC now owns 5,013 shares of the company's stock worth $310,000 after buying an additional 1,873 shares during the period. Finally, Advisory Services Network LLC increased its stake in CocaCola by 0.6% during the 4th quarter. Advisory Services Network LLC now owns 135,067 shares of the company's stock worth $8,409,000 after buying an additional 827 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

CocaCola Stock Down 0.2%

Shares of NYSE:KO traded down $0.11 during midday trading on Friday, reaching $70.32. The company had a trading volume of 9,229,863 shares, compared to its average volume of 14,864,419. The stock has a market cap of $302.63 billion, a PE ratio of 24.94, a P/E/G ratio of 3.67 and a beta of 0.44. The company has a quick ratio of 0.98, a current ratio of 1.21 and a debt-to-equity ratio of 1.49. CocaCola Company has a 1-year low of $60.62 and a 1-year high of $74.38. The business's 50 day moving average price is $70.13 and its 200 day moving average price is $69.83.

CocaCola (NYSE:KO - Get Free Report) last announced 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 company had revenue of $12.50 billion for the quarter, compared to analysts' expectations of $12.55 billion. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. The business's revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the firm earned $0.84 earnings per share. Research analysts forecast that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Dividend Announcement

The firm 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 dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. CocaCola's payout ratio is 72.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. UBS Group cut 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. Cfra Research upgraded shares of CocaCola to a "strong-buy" rating in a research report on Tuesday, April 15th. Morgan Stanley reaffirmed an "overweight" rating and issued a $81.00 price target on shares of CocaCola in a research note on Monday, June 9th. JPMorgan Chase & Co. upped their price target 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. Finally, BNP Paribas reissued an "outperform" rating and set a $83.00 target price on shares of CocaCola in a research note on Monday, July 21st. One investment 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 stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $77.21.

Insiders Place Their Bets

In other CocaCola 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 value of $19,197,000.18. Following the completion of the sale, the chief executive officer directly owned 275,946 shares of the company's stock, valued at approximately $19,884,668.76. The trade was 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 this hyperlink. Also, insider Nikolaos Koumettis sold 37,396 shares of CocaCola stock in a transaction on Tuesday, August 5th. The shares were 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 directly owned 209,513 shares of the company's stock, valued at approximately $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 insiders.

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.