Bedrijfstakpensioenfonds Voor DE Media PNO Has $6.65 Million Stock Position in The Coca-Cola Company (NYSE:KO)

21 Oct 2024, 18:36 by Sarita Garza · The Markets Daily

Bedrijfstakpensioenfonds Voor DE Media PNO reduced its holdings in shares of The Coca-Cola Company (NYSE:KO – Free Report) by 26.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 92,500 shares of the company’s stock after selling 34,000 shares during the quarter. Bedrijfstakpensioenfonds Voor DE Media PNO’s holdings in Coca-Cola were worth $6,647,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. New Millennium Group LLC acquired a new position in shares of Coca-Cola during the 2nd quarter worth approximately $26,000. Quarry LP bought a new stake in Coca-Cola during the second quarter worth $27,000. Redmont Wealth Advisors LLC acquired a new stake in Coca-Cola in the first quarter valued at $28,000. ESL Trust Services LLC bought a new position in shares of Coca-Cola in the 1st quarter valued at about $28,000. Finally, DiNuzzo Private Wealth Inc. increased its stake in shares of Coca-Cola by 65.0% during the 1st quarter. DiNuzzo Private Wealth Inc. now owns 523 shares of the company’s stock worth $32,000 after purchasing an additional 206 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Coca-Cola

In other news, CEO James Quincey sold 102,533 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total value of $7,179,360.66. Following the completion of the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at approximately $30,987,070.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Nancy Quan sold 37,787 shares of Coca-Cola stock in a transaction on Friday, July 26th. The shares were sold at an average price of $66.96, for a total transaction of $2,530,217.52. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $14,954,176.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James Quincey sold 102,533 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total value of $7,179,360.66. Following the completion of the sale, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $30,987,070.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 356,792 shares of company stock valued at $24,728,364 over the last ninety days. 0.97% of the stock is owned by corporate insiders.

Coca-Cola Price Performance

NYSE KO traded down $0.77 during midday trading on Monday, hitting $69.67. The company had a trading volume of 6,212,869 shares, compared to its average volume of 13,131,331. The firm has a 50-day moving average price of $70.70 and a 200-day moving average price of $65.80. The company has a market capitalization of $300.14 billion, a PE ratio of 27.90, a P/E/G ratio of 3.92 and a beta of 0.60. 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 twelve month low of $54.04 and a twelve month high of $73.53.

Coca-Cola (NYSE:KO – Get Free Report) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $12.40 billion during the quarter, compared to the consensus estimate of $11.78 billion. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. Coca-Cola’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.78 earnings per share. As a group, analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a dividend yield of 2.78%. Coca-Cola’s dividend payout ratio is currently 77.60%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on KO. TD Cowen raised their target price on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Citigroup lifted their target price on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company boosted their target price on Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Barclays raised their price target on Coca-Cola from $70.00 to $74.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $72.00.

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