Zullo Investment Group Inc. Lowers Position in CocaCola Company (The) $KO

Key Points

• Zullo Investment Group Inc. reduced its stakes in CocaCola by 48.3%, now holding 9,772 shares worth approximately $691,000.
• CocaCola recently declared a quarterly dividend of $0.51 per share, resulting in a 3.0% dividend yield for stockholders.
• Analysts have a consensus rating of "Buy" for CocaCola, with multiple firms adjusting their price targets, including JPMorgan Chase raising it to $79.00.

Zullo Investment Group Inc. cut its holdings in shares of CocaCola Company (The) (NYSE:KO - Free Report) by 48.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,772 shares of the company's stock after selling 9,142 shares during the quarter. Zullo Investment Group Inc.'s holdings in CocaCola were worth $691,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of KO. MorganRosel Wealth Management LLC purchased a new position in shares of CocaCola during the 1st quarter worth $25,000. 1248 Management LLC purchased a new position in shares of CocaCola during the 1st quarter worth $26,000. Garde Capital Inc. purchased a new position in shares of CocaCola during the 1st quarter worth $30,000. Mizuho Securities Co. Ltd. boosted its holdings in CocaCola by 360.0% during the 1st quarter. Mizuho Securities Co. Ltd. now owns 460 shares of the company's stock valued at $33,000 after acquiring an additional 360 shares during the period. Finally, Ridgewood Investments LLC boosted its holdings in CocaCola by 148.4% during the 1st quarter. Ridgewood Investments LLC now owns 477 shares of the company's stock valued at $34,000 after acquiring an additional 285 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

CocaCola Stock Performance

Shares of KO opened at $67.05 on Friday. The stock has a 50-day simple moving average of $68.06 and a 200-day simple moving average of $69.85. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.98 and a current ratio of 1.21. The stock has a market capitalization of $288.55 billion, a PE ratio of 23.78, a PEG ratio of 3.46 and a beta of 0.43. 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 Thursday, March 27th. The company reported $0.55 earnings per share (EPS) for the quarter. The business had revenue of $11.40 billion during the quarter. CocaCola had a return on equity of 44.91% and a net margin of 25.89%. On average, analysts predict that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were 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 of this dividend was Monday, September 15th. CocaCola's dividend payout ratio (DPR) is 72.34%.

Insider Buying and Selling at CocaCola

In other news, insider Nikolaos Koumettis sold 37,396 shares of the firm's stock in a transaction dated 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 sale, the insider owned 209,513 shares of the company's stock, valued at approximately $14,477,348.30. This trade represents a 15.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.97% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on CocaCola from $77.00 to $79.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Wells Fargo & Company lowered their target price on CocaCola from $78.00 to $75.00 and set an "overweight" rating for the company in a report on Thursday, September 25th. UBS Group lowered their target price on CocaCola from $84.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, September 11th. Weiss Ratings restated a "buy (b-)" rating on shares of CocaCola in a report on Wednesday. Finally, Royal Bank Of Canada set a $76.00 target price on CocaCola and gave the company an "outperform" rating in a report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $76.93.

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.

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