Mcrae Capital Management Inc. Acquires New Shares in The Coca-Cola Company (NYSE:KO)

27 Oct 2024, 13:42 by Teresa Graham · The Cerbat Gem

Mcrae Capital Management Inc. bought a new position in shares of The Coca-Cola Company (NYSE:KO – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,861 shares of the company’s stock, valued at approximately $206,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Swedbank AB acquired a new position in Coca-Cola in the first quarter valued at about $102,604,000. BDF Gestion acquired a new position in shares of Coca-Cola in the 2nd quarter worth approximately $7,421,000. Duality Advisers LP lifted its holdings in shares of Coca-Cola by 191.1% in the 1st quarter. Duality Advisers LP now owns 111,851 shares of the company’s stock worth $6,843,000 after acquiring an additional 73,434 shares during the last quarter. TD Asset Management Inc increased its holdings in Coca-Cola by 0.7% in the 1st quarter. TD Asset Management Inc now owns 2,935,238 shares of the company’s stock valued at $179,578,000 after purchasing an additional 20,048 shares during the last quarter. Finally, Guinness Asset Management LTD raised its position in Coca-Cola by 4.6% in the third quarter. Guinness Asset Management LTD now owns 3,062,037 shares of the company’s stock valued at $220,011,000 after purchasing an additional 134,046 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup raised their price target on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Truist Financial raised their target price on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Wells Fargo & Company raised their price objective on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Finally, Bank of America upped their target price on shares of Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Coca-Cola has an average rating of “Moderate Buy” and an average target price of $71.80.

View Our Latest Stock Report on Coca-Cola

Coca-Cola Price Performance

KO stock opened at $66.92 on Friday. The stock has a market cap of $288.42 billion, a price-to-earnings ratio of 27.09, a PEG ratio of 3.91 and a beta of 0.60. The Coca-Cola Company has a fifty-two week low of $55.10 and a fifty-two week high of $73.53. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.39. The business has a 50 day moving average price of $70.66 and a 200 day moving average price of $66.06.

Coca-Cola (NYSE:KO – Get Free Report) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.03. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The business had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.61 billion. During the same quarter in the prior year, the business posted $0.74 EPS. The company’s revenue for the quarter was down .8% on a year-over-year basis. Equities research analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.485 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.90%. Coca-Cola’s dividend payout ratio (DPR) is presently 78.54%.

Insiders Place Their Bets

In other news, EVP Nancy Quan sold 18,484 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $15,968,095. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total value of $1,321,606.00. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at $15,968,095. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Lisa Chang sold 58,122 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $68.51, for a total value of $3,981,938.22. Following the sale, the executive vice president now directly owns 74,067 shares of the company’s stock, valued at approximately $5,074,330.17. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 319,005 shares of company stock valued at $22,198,147 over the last quarter. Company insiders own 0.97% of the company’s stock.

Coca-Cola Company Profile

(Free Report)