The Coca-Cola Company (NYSE:KO) Shares Sold by Cardinal Capital Management

Cardinal Capital Management decreased its position in The Coca-Cola Company (NYSE:KO) by 0.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,403 shares of the company’s stock after selling 398 shares during the quarter. Cardinal Capital Management’s holdings in Coca-Cola were worth $5,871,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Coca-Cola by 18.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 74,163,187 shares of the company’s stock valued at $4,617,400,000 after acquiring an additional 11,569,920 shares in the last quarter. Norges Bank acquired a new stake in Coca-Cola in the fourth quarter valued at approximately $3,402,151,000. Northern Trust Corp raised its holdings in Coca-Cola by 9.5% in the fourth quarter. Northern Trust Corp now owns 43,802,296 shares of the company’s stock valued at $2,727,131,000 after acquiring an additional 3,811,756 shares in the last quarter. Franklin Resources Inc. raised its holdings in Coca-Cola by 21.9% in the fourth quarter. Franklin Resources Inc. now owns 34,103,772 shares of the company’s stock valued at $2,123,301,000 after acquiring an additional 6,118,819 shares in the last quarter. Finally, Capital International Investors raised its holdings in Coca-Cola by 96.0% in the fourth quarter. Capital International Investors now owns 24,949,194 shares of the company’s stock valued at $1,553,337,000 after acquiring an additional 12,222,885 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

KO has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on shares of Coca-Cola from $74.00 to $78.00 and gave the company an “overweight” rating in a report on Monday, April 21st. Piper Sandler raised their price objective on shares of Coca-Cola from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Morgan Stanley reissued an “overweight” rating and set a $81.00 price objective on shares of Coca-Cola in a report on Monday, June 9th. Royal Bank of Canada raised their price objective on shares of Coca-Cola from $73.00 to $76.00 and gave the stock an “outperform” rating in a report on Wednesday, April 30th. Finally, Barclays reissued an “overweight” rating on shares of Coca-Cola in a report on Thursday, March 27th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $76.00.

Insider Transactions at Coca-Cola

In other news, CFO John Murphy sold 88,658 shares of Coca-Cola stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $72.09, for a total value of $6,391,355.22. Following the sale, the chief financial officer now owns 205,511 shares of the company’s stock, valued at $14,815,287.99. The trade was a 30.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Quincey sold 266,403 shares of Coca-Cola stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the completion of the sale, the chief executive officer now directly owns 275,946 shares in the company, valued at approximately $19,884,668.76. The trade was a 49.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 415,387 shares of company stock worth $29,923,985. Company insiders own 0.97% of the company’s stock.

Coca-Cola Stock Performance

Shares of Coca-Cola stock opened at $70.51 on Tuesday. The Coca-Cola Company has a 12 month low of $60.62 and a 12 month high of $74.38. The firm’s fifty day simple moving average is $71.60 and its 200-day simple moving average is $67.94. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84. The stock has a market capitalization of $303.50 billion, a price-to-earnings ratio of 28.55, a PEG ratio of 3.79 and a beta of 0.46.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. Coca-Cola had a return on equity of 45.37% and a net margin of 22.59%. The company had revenue of $11.13 billion during the quarter, compared to analysts’ expectations of $11.23 billion. During the same period last year, the firm earned $0.72 EPS. The firm’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities analysts forecast that The Coca-Cola Company will post 2.96 earnings per share for the current year.

Coca-Cola Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.04 dividend on an annualized basis and a yield of 2.89%. Coca-Cola’s payout ratio is currently 81.60%.

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.