Polar Asset Management Partners Inc. Acquires Shares of 864,000 The Coca-Cola Company (NYSE:KO)

Polar Asset Management Partners Inc. purchased a new position in The Coca-Cola Company (NYSE:KO - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 864,000 shares of the company's stock, valued at approximately $53,793,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Crowley Wealth Management Inc. purchased a new position in Coca-Cola during the fourth quarter valued at $27,000. Mainstream Capital Management LLC purchased a new stake in Coca-Cola in the 4th quarter worth about $31,000. Murphy & Mullick Capital Management Corp purchased a new position in shares of Coca-Cola during the fourth quarter valued at approximately $38,000. Hoey Investments Inc. lifted its position in shares of Coca-Cola by 41.9% during the fourth quarter. Hoey Investments Inc. now owns 613 shares of the company's stock worth $38,000 after purchasing an additional 181 shares during the last quarter. Finally, MilWealth Group LLC purchased a new stake in shares of Coca-Cola during the fourth quarter valued at $40,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on KO. Jefferies Financial Group raised shares of Coca-Cola from a "hold" rating to a "buy" rating and lifted their price target for the company from $69.00 to $75.00 in a research note on Thursday, January 30th. Piper Sandler boosted their target price on shares of Coca-Cola from $73.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, February 28th. DZ Bank raised shares of Coca-Cola from a "hold" rating to a "buy" rating and set a $75.00 price target on the stock in a report on Thursday, February 13th. Wells Fargo & Company upped their price target on Coca-Cola from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Finally, Barclays reissued an "overweight" rating on shares of Coca-Cola in a research report on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $75.81.

Insider Activity at Coca-Cola

In related news, EVP Beatriz R. Perez sold 60,326 shares of the stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $71.87, for a total transaction of $4,335,629.62. Following the sale, the executive vice president now directly owns 187,716 shares of the company's stock, valued at approximately $13,491,148.92. This represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO John Murphy sold 88,658 shares of the firm's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $72.09, for a total transaction of $6,391,355.22. Following the sale, the chief financial officer now owns 205,511 shares in the company, valued at approximately $14,815,287.99. This represents a 30.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold 284,469 shares of company stock worth $20,356,667 over the last three months. Company insiders own 0.97% of the company's stock.

Coca-Cola Stock Performance

Shares of KO stock traded down $0.04 during mid-day trading on Tuesday, reaching $71.73. The stock had a trading volume of 10,658,148 shares, compared to its average volume of 15,711,147. The Coca-Cola Company has a 1-year low of $60.62 and a 1-year high of $74.38. The firm has a market cap of $308.75 billion, a price-to-earnings ratio of 29.04, a PEG ratio of 3.79 and a beta of 0.47. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 1.61. The business's fifty day moving average is $71.14 and its 200-day moving average is $67.08.

Coca-Cola (NYSE:KO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.02. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. The company had revenue of $11.13 billion for the quarter, compared to the consensus estimate of $11.23 billion. During the same quarter in the prior year, the company earned $0.72 EPS. Coca-Cola's quarterly revenue was down .7% on a year-over-year basis. On average, research analysts forecast that The Coca-Cola Company will post 2.96 earnings per share for the current year.

Coca-Cola Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.04 annualized dividend and a dividend yield of 2.84%. Coca-Cola's dividend payout ratio (DPR) is presently 81.60%.

Coca-Cola 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.