Parsons Capital Management Inc. RI Reduces Holdings in The Coca-Cola Company (NYSE:KO)


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Parsons Capital Management Inc. RI decreased its position in shares of The Coca-Cola Company (NYSE:KO) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,347 shares of the company’s stock after selling 733 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in The Coca-Cola were worth $914,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of KO. Norges Bank purchased a new position in shares of The Coca-Cola during the fourth quarter worth about $2,345,618,000. FMR LLC grew its holdings in shares of The Coca-Cola by 16.3% during the fourth quarter. FMR LLC now owns 56,240,715 shares of the company’s stock worth $3,084,241,000 after purchasing an additional 7,887,519 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of The Coca-Cola by 10.6% during the fourth quarter. Bank of New York Mellon Corp now owns 39,835,440 shares of the company’s stock worth $2,184,577,000 after buying an additional 3,818,182 shares during the last quarter. Morgan Stanley grew its holdings in shares of The Coca-Cola by 7.5% during the fourth quarter. Morgan Stanley now owns 48,640,574 shares of the company’s stock worth $2,667,449,000 after buying an additional 3,397,649 shares during the last quarter. Finally, American International Group Inc. grew its holdings in shares of The Coca-Cola by 171.7% during the fourth quarter. American International Group Inc. now owns 4,592,077 shares of the company’s stock worth $279,222,000 after buying an additional 2,901,821 shares during the last quarter. 65.99% of the stock is currently owned by institutional investors.

KO stock opened at $54.48 on Tuesday. The firm has a 50 day moving average of $52.90 and a 200-day moving average of $51.54. The Coca-Cola Company has a 12-month low of $43.20 and a 12-month high of $54.93. The company has a current ratio of 1.13, a quick ratio of 1.01 and a debt-to-equity ratio of 1.94. The company has a market cap of $234.90 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 5.70 and a beta of 0.58.

The Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Sunday, April 18th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.05. The Coca-Cola had a net margin of 24.90% and a return on equity of 41.37%. The company had revenue of $9 billion during the quarter, compared to the consensus estimate of $8.58 billion. During the same period last year, the firm earned $0.51 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts forecast that The Coca-Cola Company will post 1.88 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 1st. Stockholders of record on Tuesday, June 15th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, June 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.08%. The Coca-Cola’s payout ratio is 79.62%.

In related news, insider Nikolaos Koumettis sold 60,000 shares of The Coca-Cola stock in a transaction that occurred on Monday, March 29th. The stock was sold at an average price of $53.30, for a total transaction of $3,198,000.00. Following the completion of the transaction, the insider now directly owns 145,011 shares in the company, valued at approximately $7,729,086.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Kathy Loveless sold 501 shares of The Coca-Cola stock in a transaction that occurred on Friday, March 19th. The stock was sold at an average price of $50.46, for a total value of $25,280.46. Following the transaction, the vice president now owns 10,224 shares of the company’s stock, valued at $515,903.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 220,501 shares of company stock valued at $11,883,380. Insiders own 1.01% of the company’s stock.

KO has been the topic of a number of research reports. Guggenheim lowered The Coca-Cola from a “buy” rating to a “neutral” rating in a report on Tuesday, January 5th. Evercore ISI raised their price target on The Coca-Cola from $60.00 to $63.00 and gave the stock an “outperform” rating in a report on Tuesday, April 20th. Wolfe Research initiated coverage on The Coca-Cola in a report on Monday, April 12th. They set a “peer perform” rating on the stock. Morgan Stanley raised their price target on The Coca-Cola from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Monday, April 26th. Finally, JPMorgan Chase & Co. downgraded shares of The Coca-Cola from an “overweight” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research report on Thursday, January 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. The Coca-Cola presently has an average rating of “Buy” and a consensus price target of $57.69.

The Coca-Cola Profile

The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; water, enhanced water, and sports drinks; juice, dairy, and plantÂ-based beverages; tea and coffee; and energy drinks. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.

Further Reading: Golden Cross

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Institutional Ownership by Quarter for The Coca-Cola (NYSE:KO)

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