OVERSEA CHINESE BANKING Corp Ltd Sells 130,831 Shares of CocaCola Company (The) (NYSE:KO)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stock position in CocaCola Company (NYSE:KO) by 46.9% in Q1, holding 148,168 shares valued at approximately $10.6 million.
• Brokerage firm Cfra Research upgraded CocaCola to a "strong-buy" rating, while analysts show a consensus rating of "Buy" with a target price of $77.21.
• CocaCola announced a quarterly dividend of $0.51, to be paid on October 1st, representing an annualized dividend yield of 3.0%.

OVERSEA CHINESE BANKING Corp Ltd lessened its stake in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 46.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 148,168 shares of the company's stock after selling 130,831 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in CocaCola were worth $10,600,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in KO. PNC Financial Services Group Inc. boosted its position in shares of CocaCola by 1.3% in the first quarter. PNC Financial Services Group Inc. now owns 5,867,159 shares of the company's stock valued at $420,206,000 after acquiring an additional 75,645 shares during the period. Fiduciary Wealth Partners LLC bought a new position in CocaCola in the first quarter worth $153,000. SPC Financial Inc. bought a new position in CocaCola in the first quarter worth $201,000. TIAA Trust National Association lifted its position in CocaCola by 2.2% in the first quarter. TIAA Trust National Association now owns 493,746 shares of the company's stock worth $35,362,000 after purchasing an additional 10,472 shares during the period. Finally, UNIVEST FINANCIAL Corp lifted its position in CocaCola by 3.5% in the first quarter. UNIVEST FINANCIAL Corp now owns 13,256 shares of the company's stock worth $949,000 after purchasing an additional 446 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Insider Transactions at CocaCola

In other news, CEO James Quincey sold 266,403 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the completion of the transaction, the chief executive officer directly owned 275,946 shares in the company, valued at approximately $19,884,668.76. The trade was a 49.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Beatriz R. Perez sold 60,326 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $71.87, for a total value of $4,335,629.62. Following the transaction, the executive vice president owned 187,716 shares of the company's stock, valued at $13,491,148.92. The trade was a 24.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 415,387 shares of company stock worth $29,923,985. 0.90% of the stock is currently owned by company insiders.

CocaCola Trading Up 0.1%

KO stock traded up $0.09 during midday trading on Monday, reaching $68.95. The stock had a trading volume of 10,691,012 shares, compared to its average volume of 16,521,952. The business has a fifty day simple moving average of $70.33 and a two-hundred day simple moving average of $69.69. The company has a quick ratio of 0.98, a current ratio of 1.21 and a debt-to-equity ratio of 1.49. The firm has a market cap of $296.74 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 3.58 and a beta of 0.44. CocaCola Company has a twelve month low of $60.62 and a twelve month high of $74.38.

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 firm had revenue of $12.50 billion during the quarter, compared to analyst estimates of $12.55 billion. CocaCola had a return on equity of 44.91% and a net margin of 25.89%. The company's revenue was up 2.5% on a year-over-year basis. During the same period last year, the company earned $0.84 earnings per share. As a group, research analysts expect that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, September 15th. CocaCola's payout ratio is presently 72.34%.

Analysts Set New Price Targets

Several brokerages recently commented on KO. JPMorgan Chase & Co. raised their target price on CocaCola from $77.00 to $79.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Cfra Research raised CocaCola to a "strong-buy" rating in a research report on Tuesday, April 15th. Royal Bank Of Canada set a $76.00 target price on CocaCola and gave the stock an "outperform" rating in a research report on Monday, July 21st. BNP Paribas reissued an "outperform" rating and set a $83.00 price objective on shares of CocaCola in a report on Monday, July 21st. Finally, UBS Group cut their price objective on CocaCola from $86.00 to $84.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. One investment analyst has rated the stock with a hold rating, fourteen have assigned 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.

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.