Mackenzie Financial Corp Reduces Position in The Coca-Cola Company (NYSE:KO)

Mackenzie Financial Corp lessened its holdings in shares of The Coca-Cola Company (NYSE:KO) by 8.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 3,174,988 shares of the company’s stock after selling 279,269 shares during the quarter. Mackenzie Financial Corp’s holdings in Coca-Cola were worth $187,102,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Hibernia Wealth Partners LLC bought a new position in Coca-Cola in the third quarter worth approximately $25,000. Freedom Wealth Alliance LLC acquired a new position in shares of Coca-Cola during the fourth quarter worth $25,000. ZRC Wealth Management LLC increased its position in shares of Coca-Cola by 213.3% during the fourth quarter. ZRC Wealth Management LLC now owns 470 shares of the company’s stock worth $26,000 after purchasing an additional 320 shares in the last quarter. Fortis Capital Advisors LLC acquired a new position in shares of Coca-Cola during the fourth quarter worth $30,000. Finally, KB Financial Partners LLC acquired a new position in shares of Coca-Cola during the first quarter worth $31,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Citigroup upped their price target on Coca-Cola from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, January 17th. JPMorgan Chase & Co. upped their price target on Coca-Cola from $64.00 to $66.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 14th. Finally, Barclays upped their price target on Coca-Cola from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.18.

Coca-Cola Price Performance

NYSE:KO opened at $58.14 on Tuesday. The Coca-Cola Company has a one year low of $51.55 and a one year high of $64.99. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.95 and a current ratio of 1.13. The firm has a market cap of $250.65 billion, a price-to-earnings ratio of 23.44, a PEG ratio of 3.31 and a beta of 0.59. The firm’s fifty day moving average is $60.01 and its two-hundred day moving average is $58.51.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.48 by $0.01. Coca-Cola had a net margin of 23.42% and a return on equity of 42.50%. The company had revenue of $10.80 billion for the quarter, compared to analyst estimates of $10.68 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. Research analysts expect that The Coca-Cola Company will post 2.81 EPS for the current year.

Coca-Cola Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 3.34%. This is a positive change from Coca-Cola’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, March 14th. Coca-Cola’s dividend payout ratio is presently 78.23%.

Insider Buying and Selling at Coca-Cola

In other Coca-Cola news, EVP Nancy Quan sold 57,368 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total value of $3,491,990.16. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at $13,594,097.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Coca-Cola news, EVP Nancy Quan sold 57,368 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total value of $3,491,990.16. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at $13,594,097.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bruno Pietracci sold 18,551 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $59.41, for a total transaction of $1,102,114.91. The disclosure for this sale can be found here. Over the last three months, insiders have sold 375,407 shares of company stock valued at $22,795,742. 0.97% of the stock is owned by insiders.

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.