Viking Fund Management LLC Increases Holdings in The Coca-Cola Company (NYSE:KO)

Viking Fund Management LLC boosted its holdings in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 60.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 80,000 shares of the company's stock after purchasing an additional 30,000 shares during the period. Viking Fund Management LLC's holdings in Coca-Cola were worth $5,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Tallon Kerry Patrick acquired a new position in Coca-Cola in the fourth quarter valued at approximately $241,000. Brighton Jones LLC lifted its stake in shares of Coca-Cola by 13.3% in the 4th quarter. Brighton Jones LLC now owns 39,072 shares of the company's stock valued at $2,433,000 after purchasing an additional 4,591 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in Coca-Cola during the fourth quarter worth $24,472,000. Revolve Wealth Partners LLC grew its position in Coca-Cola by 3.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 8,795 shares of the company's stock valued at $548,000 after buying an additional 293 shares during the period. Finally, Avantra Family Wealth Inc. purchased a new position in Coca-Cola in the fourth quarter valued at $209,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Coca-Cola

In related news, CFO John Murphy sold 88,658 shares of the company'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 transaction of $6,391,355.22. Following the sale, the chief financial officer now directly owns 205,511 shares in the company, valued at approximately $14,815,287.99. This represents a 30.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Quincey sold 266,403 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the completion of the sale, the chief executive officer now directly owns 275,946 shares in the company, valued at approximately $19,884,668.76. This trade represents a 49.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 496,164 shares of company stock worth $35,671,587. Corporate insiders own 0.97% of the company's stock.

Coca-Cola Trading Up 0.3%

KO traded up $0.23 during trading hours on Wednesday, reaching $71.39. The company's stock had a trading volume of 13,559,872 shares, compared to its average volume of 15,775,966. The stock has a market cap of $307.28 billion, a PE ratio of 28.90, a P/E/G ratio of 3.79 and a beta of 0.47. The Coca-Cola Company has a fifty-two week low of $60.62 and a fifty-two week high of $74.38. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84. The business's 50-day moving average is $71.39 and its 200-day moving average is $67.42.

Coca-Cola (NYSE:KO - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.02. The business had revenue of $11.13 billion during the quarter, compared to analysts' expectations of $11.23 billion. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. The company's revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.72 EPS. As a group, equities research analysts predict that The Coca-Cola Company will post 2.96 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Friday, June 13th. Coca-Cola's payout ratio is 81.60%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Barclays restated an "overweight" rating on shares of Coca-Cola in a research report on Thursday, March 27th. Royal Bank of Canada increased their target price on Coca-Cola from $73.00 to $76.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Morgan Stanley boosted their target price on shares of Coca-Cola from $76.00 to $78.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Cfra Research upgraded Coca-Cola to a "strong-buy" rating in a research report on Tuesday, April 15th. Finally, Piper Sandler increased their price objective on Coca-Cola from $73.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $75.81.

About Coca-Cola

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.