Sierra Summit Advisors LLC Purchases Shares of 14,051 CocaCola Company (The) (NYSE:KO)

Key Points

• Sierra Summit Advisors LLC has invested approximately $1.01 million in CocaCola Company (NYSE:KO), acquiring 14,051 shares according to its 13F filing.
• CocaCola reported a quarterly EPS of $0.87, surpassing analyst expectations, with a revenue of $12.50 billion for the quarter.
• The company declared a quarterly dividend of $0.51 per share, reflecting a 2.9% dividend yield and a payout ratio of 72.34%.

Sierra Summit Advisors LLC bought a new stake in shares of CocaCola Company (The) (NYSE:KO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 14,051 shares of the company's stock, valued at approximately $1,006,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Capital International Investors increased its holdings in CocaCola by 96.0% in the fourth quarter. Capital International Investors now owns 24,949,194 shares of the company's stock worth $1,553,337,000 after buying an additional 12,222,885 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of CocaCola by 8,419.4% during the 1st quarter. GAMMA Investing LLC now owns 5,961,004 shares of the company's stock valued at $426,927,000 after purchasing an additional 5,891,034 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of CocaCola by 119.0% in the 4th quarter. Capital Research Global Investors now owns 9,458,248 shares of the company's stock valued at $588,871,000 after purchasing an additional 5,139,352 shares during the last quarter. Northern Trust Corp increased its position in CocaCola by 9.5% during 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. Finally, Assenagon Asset Management S.A. increased its position in CocaCola by 497.0% during the first quarter. Assenagon Asset Management S.A. now owns 4,489,635 shares of the company's stock worth $321,548,000 after buying an additional 3,737,646 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

CocaCola Stock Performance

Shares of KO remained flat at $70.75 during trading hours on Tuesday. 11,060,613 shares of the stock were exchanged, compared to its average volume of 17,015,391. The firm has a fifty day moving average of $70.10 and a two-hundred day moving average of $70.01. The firm has a market cap of $304.48 billion, a PE ratio of 25.09, a P/E/G ratio of 3.66 and a beta of 0.44. The company has a current ratio of 1.21, a quick ratio of 0.98 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.

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, beating analysts' consensus estimates of $0.83 by $0.04. CocaCola had a net margin of 25.89% and a return on equity of 44.91%. The business had revenue of $12.50 billion during the quarter, compared to analyst estimates of $12.55 billion. During the same quarter in the prior year, the business earned $0.84 earnings per share. The firm's revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities research analysts predict that CocaCola Company will post 2.96 EPS for the current year.

CocaCola Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. CocaCola's dividend payout ratio is 72.34%.

Insider Activity

In related news, insider Nikolaos Koumettis sold 37,396 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $69.10, for a total transaction of $2,584,063.60. Following the completion of the transaction, the insider owned 209,513 shares in the company, valued at $14,477,348.30. This trade represents a 15.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James Quincey sold 266,403 shares of the company'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 completion of the sale, the chief executive officer owned 275,946 shares in the company, valued at $19,884,668.76. This trade represents a 49.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on KO. Royal Bank Of Canada set a $76.00 price target on CocaCola and gave the stock an "outperform" rating in a research report on Monday, July 21st. JPMorgan Chase & Co. raised their price objective on CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Cfra Research raised CocaCola to a "strong-buy" rating in a research note on Tuesday, April 15th. BNP Paribas reissued an "outperform" rating and issued a $83.00 price objective on shares of CocaCola in a research note on Monday, July 21st. Finally, Morgan Stanley reissued an "overweight" rating and issued a $81.00 price objective on shares of CocaCola in a research note on Monday, June 9th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $77.21.

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.