New York State Common Retirement Fund Trims Stake in CocaCola Company (The) (NYSE:KO)

New York State Common Retirement Fund decreased its holdings in CocaCola Company (The) (NYSE:KO - Free Report) by 4.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,126,204 shares of the company's stock after selling 259,405 shares during the quarter. CocaCola accounts for approximately 0.5% of New York State Common Retirement Fund's holdings, making the stock its 25th biggest position. New York State Common Retirement Fund owned approximately 0.12% of CocaCola worth $367,139,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank purchased a new position in CocaCola in the fourth quarter worth about $3,402,151,000. Northern Trust Corp boosted its holdings in shares of CocaCola by 9.5% in the fourth quarter. Northern Trust Corp now owns 43,802,296 shares of the company's stock worth $2,727,131,000 after buying an additional 3,811,756 shares during the last quarter. Franklin Resources Inc. grew its position in CocaCola by 21.9% during the fourth quarter. Franklin Resources Inc. now owns 34,103,772 shares of the company's stock valued at $2,123,301,000 after buying an additional 6,118,819 shares during the period. Capital International Investors increased its holdings in CocaCola by 96.0% during the fourth quarter. Capital International Investors now owns 24,949,194 shares of the company's stock valued at $1,553,337,000 after buying an additional 12,222,885 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in CocaCola by 18.2% during the fourth quarter. Invesco Ltd. now owns 24,566,933 shares of the company's stock valued at $1,529,537,000 after buying an additional 3,791,300 shares during the last quarter. Institutional investors own 70.26% of the company's stock.

CocaCola Price Performance

KO stock traded up $0.12 during mid-day trading on Friday, hitting $69.89. The company had a trading volume of 12,910,766 shares, compared to its average volume of 16,338,493. The company has a 50-day moving average price of $70.90 and a 200 day moving average price of $68.86. CocaCola Company has a 12-month low of $60.62 and a 12-month high of $74.38. The company has a market capitalization of $300.83 billion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 3.66 and a beta of 0.45. The company has a quick ratio of 0.89, a current ratio of 1.10 and a debt-to-equity ratio of 1.57.

CocaCola (NYSE:KO - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.02. The company had revenue of $11.13 billion for the quarter, compared to the consensus estimate of $11.23 billion. CocaCola had a return on equity of 45.49% and a net margin of 23.00%. The firm's revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the business earned $0.72 earnings per share. On average, research analysts anticipate that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $2.04 annualized dividend and a yield of 2.92%. CocaCola's dividend payout ratio (DPR) is currently 81.60%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. UBS Group boosted their price objective on shares of CocaCola from $84.00 to $86.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Barclays restated an "overweight" rating on shares of CocaCola in a research report on Thursday, March 27th. Royal Bank Of Canada lifted their price objective on CocaCola from $73.00 to $76.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. increased their target price on shares of CocaCola from $74.00 to $78.00 and gave the stock an "overweight" rating in a report on Monday, April 21st. Finally, 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. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, CocaCola presently has a consensus rating of "Buy" and a consensus price target of $76.71.

Insiders Place Their Bets

In related news, CEO James Quincey sold 266,403 shares of the 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 completion of the transaction, the chief executive officer owned 275,946 shares of the company's stock, valued at approximately $19,884,668.76. This trade represents a 49.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Beatriz R. Perez sold 60,326 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $71.87, for a total value of $4,335,629.62. Following the sale, the executive vice president owned 187,716 shares in the company, valued at approximately $13,491,148.92. This trade represents a 24.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 415,387 shares of company stock valued at $29,923,985 in the last three months. Corporate insiders own 0.97% of the company's stock.

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.