Sumitomo Life Insurance Co. trimmed its position in The Coca-Cola Co (NYSE:KO) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 155,185 shares of the company’s stock after selling 6,758 shares during the period. The Coca-Cola makes up approximately 0.9% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 19th largest holding. Sumitomo Life Insurance Co.’s holdings in The Coca-Cola were worth $7,120,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Veritas Investment Management LLP bought a new stake in The Coca-Cola during the third quarter worth about $135,000. Spectrum Management Group Inc. bought a new stake in The Coca-Cola during the third quarter worth about $137,000. Legacy Advisors LLC bought a new stake in The Coca-Cola during the third quarter worth about $139,000. Almanack Investment Partners LLC. bought a new stake in The Coca-Cola during the second quarter worth about $142,000. Finally, Shine Investment Advisory Services Inc. raised its holdings in The Coca-Cola by 102.2% during the third quarter. Shine Investment Advisory Services Inc. now owns 3,185 shares of the company’s stock worth $143,000 after acquiring an additional 1,610 shares in the last quarter. Institutional investors own 66.16% of the company’s stock.
In other news, insider Robert Edward Long sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $47.95, for a total value of $719,250.00. Following the transaction, the insider now owns 24,673 shares of the company’s stock, valued at $1,183,070.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kathy N. Waller sold 23,240 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $46.15, for a total value of $1,072,526.00. Following the completion of the transaction, the chief financial officer now directly owns 123,796 shares in the company, valued at approximately $5,713,185.40. The disclosure for this sale can be found here. Insiders sold 124,523 shares of company stock worth $5,885,511 in the last ninety days. 1.48% of the stock is owned by company insiders.
The Coca-Cola (NYSE:KO) last posted its earnings results on Friday, February 16th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The Coca-Cola had a return on equity of 38.36% and a net margin of 3.52%. The company had revenue of $7.51 billion for the quarter, compared to the consensus estimate of $7.36 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. The firm’s revenue for the quarter was down 20.2% on a year-over-year basis. sell-side analysts expect that The Coca-Cola Co will post 2.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Thursday, March 15th will be given a $0.39 dividend. This is an increase from The Coca-Cola’s previous quarterly dividend of $0.37. The ex-dividend date is Wednesday, March 14th. This represents a $1.56 annualized dividend and a dividend yield of 3.50%. The Coca-Cola’s dividend payout ratio is presently 134.55%.
Several analysts recently issued reports on KO shares. JPMorgan Chase & Co. reiterated a “neutral” rating and set a target price (up previously from ) on shares of The Coca-Cola in a report on Friday, February 16th. Morningstar set a $48.50 target price on The Coca-Cola and gave the stock a “buy” rating in a report on Wednesday, February 28th. Societe Generale reiterated a “neutral” rating and set a $48.80 target price on shares of The Coca-Cola in a report on Monday, February 19th. Susquehanna Bancshares set a $45.00 target price on The Coca-Cola and gave the stock a “hold” rating in a report on Tuesday, November 21st. Finally, Royal Bank of Canada set a $56.00 target price on The Coca-Cola and gave the stock a “buy” rating in a report on Tuesday, January 2nd. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $49.21.
The Coca-Cola Company Profile
The Coca-Cola Company is a beverage company. The Company owns or licenses and markets non-alcoholic beverage brands, primarily sparkling beverages and a range of still beverages, such as waters, flavored waters and enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, sports drinks, dairy and energy drinks.
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