Cullinan Associates Inc. Reduces Stock Holdings in The Coca-Cola Company (NYSE:KO)

25 Oct 2024, 13:36 by Scott Moore · The Cerbat Gem

Cullinan Associates Inc. trimmed its holdings in The Coca-Cola Company (NYSE:KO – Free Report) by 2.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,293,017 shares of the company’s stock after selling 30,197 shares during the quarter. Coca-Cola comprises about 4.9% of Cullinan Associates Inc.’s investment portfolio, making the stock its 3rd biggest holding. Cullinan Associates Inc.’s holdings in Coca-Cola were worth $89,884,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of KO. Price T Rowe Associates Inc. MD raised its position in shares of Coca-Cola by 21.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock worth $3,016,023,000 after purchasing an additional 8,733,326 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Coca-Cola by 30.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,698,984 shares of the company’s stock worth $776,924,000 after buying an additional 2,964,850 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Coca-Cola in the second quarter worth approximately $188,448,000. M&G Plc purchased a new stake in shares of Coca-Cola during the first quarter valued at approximately $157,087,000. Finally, Raymond James & Associates increased its position in shares of Coca-Cola by 42.6% during the second quarter. Raymond James & Associates now owns 6,245,331 shares of the company’s stock valued at $397,515,000 after acquiring an additional 1,866,348 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Price Performance

Shares of NYSE:KO traded down $0.01 during mid-day trading on Friday, reaching $67.29. The stock had a trading volume of 1,645,671 shares, compared to its average volume of 13,205,547. The company has a market cap of $289.88 billion, a P/E ratio of 26.92, a price-to-earnings-growth ratio of 3.92 and a beta of 0.60. The business’s 50 day moving average price is $70.74 and its 200 day moving average price is $65.96. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39. The Coca-Cola Company has a 1 year low of $55.10 and a 1 year high of $73.53.

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

Coca-Cola Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.485 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.88%. Coca-Cola’s dividend payout ratio (DPR) is presently 77.60%.

Insider Activity

In other Coca-Cola news, insider Bruno Pietracci sold 38,653 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $69.01, for a total transaction of $2,667,443.53. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO James Quincey sold 102,533 shares of Coca-Cola stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the completion of the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $30,987,070.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruno Pietracci sold 38,653 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $69.01, for a total transaction of $2,667,443.53. The disclosure for this sale can be found here. In the last three months, insiders have sold 319,005 shares of company stock worth $22,198,147. 0.97% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on KO. Wells Fargo & Company increased their target price on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Hsbc Global Res raised shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Royal Bank of Canada lifted their price objective on Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Truist Financial increased 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. Finally, TD Cowen boosted their price target on Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Coca-Cola currently has an average rating of “Moderate Buy” and a consensus target price of $71.87.

View Our Latest Stock Analysis on KO

About Coca-Cola

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