193,274 Shares in CocaCola Company (The) (NYSE:KO) Bought by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management acquired a new position in CocaCola Company, buying 193,274 shares valued at approximately $13.84 million during the first quarter of the year.
• Analysts have set varied price targets for CocaCola, with Morgan Stanley maintaining an "overweight" rating and a target of $81.00, while JPMorgan raised its target from $77.00 to $79.00.
• CocaCola recently announced a quarterly dividend of $0.51, resulting in an annualized yield of 2.94%, with shareholders of record eligible on September 15th.

Picton Mahoney Asset Management purchased a new position in CocaCola Company (The) (NYSE:KO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 193,274 shares of the company's stock, valued at approximately $13,841,000.

Other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp lifted its holdings in shares of CocaCola by 9.5% in the 4th quarter. Northern Trust Corp now owns 43,802,296 shares of the company's stock worth $2,727,131,000 after acquiring an additional 3,811,756 shares during the last quarter. Franklin Resources Inc. increased its stake in CocaCola by 21.9% during the 4th quarter. Franklin Resources Inc. now owns 34,103,772 shares of the company's stock worth $2,123,301,000 after buying an additional 6,118,819 shares during the period. Capital International Investors boosted its holdings in shares of CocaCola by 96.0% in the 4th 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 in the last quarter. Invesco Ltd. boosted its holdings in shares of CocaCola by 18.2% in the 4th 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 in the last quarter. Finally, Fayez Sarofim & Co boosted its stake in CocaCola by 6.7% during the 4th quarter. Fayez Sarofim & Co now owns 18,408,210 shares of the company's stock worth $1,148,609,000 after purchasing an additional 1,155,538 shares during the period. Hedge funds and other institutional investors own 70.26% of the company's stock.

Analysts Set New Price Targets

KO has been the topic of several recent research reports. Royal Bank Of Canada set a $76.00 price objective on shares of CocaCola and gave the stock an "outperform" rating in a research note on Monday, July 21st. 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 report on Wednesday, July 23rd. UBS Group lowered their price target on CocaCola from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. BNP Paribas reaffirmed an "outperform" rating and set a $83.00 price target on shares of CocaCola in a research report on Monday, July 21st. Finally, Cfra Research raised CocaCola to a "strong-buy" rating in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $77.21.

Insider Transactions at CocaCola

In other news, CFO John Murphy sold 88,658 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $72.09, for a total value of $6,391,355.22. Following the transaction, the chief financial officer owned 205,511 shares in the company, valued at approximately $14,815,287.99. This trade represents a 30.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Quincey sold 266,403 shares of the firm's 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 transaction, the chief executive officer directly owned 275,946 shares of the company's stock, valued at $19,884,668.76. This represents a 49.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 415,387 shares of company stock worth $29,923,985. Company insiders own 0.97% of the company's stock.

CocaCola Stock Performance

Shares of NYSE:KO traded up $1.02 on Friday, hitting $68.91. 8,543,720 shares of the company were exchanged, compared to its average volume of 17,225,266. The firm has a market capitalization of $296.55 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 3.58 and a beta of 0.45. The company's 50 day moving average price is $70.39 and its two-hundred day moving average price is $69.54. CocaCola Company has a one year low of $60.62 and a one year high of $74.38. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.98 and a current ratio of 1.21.

CocaCola (NYSE:KO - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.04. The company had revenue of $12.50 billion during the quarter, compared to the consensus estimate of $12.55 billion. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. The firm's revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.84 earnings per share. Research analysts expect that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 3.0%. CocaCola's payout ratio is 72.34%.

CocaCola Company 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.