Hayek Kallen Investment Management reduced its holdings in shares of The Coca-Cola Co (NYSE:KO) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 78,461 shares of the company’s stock after selling 2,839 shares during the period. The Coca-Cola accounts for approximately 2.7% of Hayek Kallen Investment Management’s investment portfolio, making the stock its 10th biggest holding. Hayek Kallen Investment Management’s holdings in The Coca-Cola were worth $4,271,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Nuveen Asset Management LLC lifted its stake in The Coca-Cola by 9,580.7% in the second quarter. Nuveen Asset Management LLC now owns 32,579,854 shares of the company’s stock worth $1,658,966,000 after purchasing an additional 32,243,310 shares during the last quarter. Morgan Stanley lifted its position in The Coca-Cola by 15.0% during the second quarter. Morgan Stanley now owns 41,763,050 shares of the company’s stock worth $2,126,574,000 after acquiring an additional 5,449,889 shares during the last quarter. Vanguard Group Inc. lifted its position in The Coca-Cola by 1.4% during the second quarter. Vanguard Group Inc. now owns 308,293,644 shares of the company’s stock worth $15,698,312,000 after acquiring an additional 4,225,080 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of The Coca-Cola by 20.9% during the second quarter. California Public Employees Retirement System now owns 23,023,556 shares of the company’s stock worth $1,172,359,000 after buying an additional 3,984,190 shares during the last quarter. Finally, Thoroughbred Financial Services LLC grew its stake in shares of The Coca-Cola by 5,235.0% during the second quarter. Thoroughbred Financial Services LLC now owns 1,696,625 shares of the company’s stock worth $169,662,000 after buying an additional 1,664,823 shares during the last quarter. Hedge funds and other institutional investors own 67.32% of the company’s stock.
KO has been the topic of a number of research reports. Atlantic Securities initiated coverage on shares of The Coca-Cola in a research note on Monday, July 29th. They set an “overweight” rating and a $62.00 target price on the stock. ValuEngine cut shares of The Coca-Cola from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. SunTrust Banks boosted their target price on shares of The Coca-Cola to $60.00 and gave the stock a “positive” rating in a research note on Wednesday, July 24th. UBS Group raised shares of The Coca-Cola from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $55.00 to $63.00 in a research note on Wednesday, October 23rd. Finally, BMO Capital Markets boosted their target price on shares of The Coca-Cola from $52.00 to $55.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Nine investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The Coca-Cola has an average rating of “Buy” and a consensus target price of $55.95.
Shares of NYSE:KO traded down $0.08 during mid-day trading on Friday, reaching $52.21. 6,997,608 shares of the company’s stock were exchanged, compared to its average volume of 13,198,850. The firm has a market capitalization of $224.59 billion, a price-to-earnings ratio of 25.10, a PEG ratio of 3.65 and a beta of 0.46. The business’s fifty day moving average price is $53.85 and its 200-day moving average price is $52.23. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.79 and a current ratio of 0.92. The Coca-Cola Co has a twelve month low of $44.42 and a twelve month high of $55.92.
The Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Friday, October 18th. The company reported $0.56 EPS for the quarter, hitting analysts’ consensus estimates of $0.56. The company had revenue of $9.51 billion for the quarter, compared to analyst estimates of $9.42 billion. The Coca-Cola had a net margin of 22.41% and a return on equity of 45.21%. The Coca-Cola’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 earnings per share. Analysts predict that The Coca-Cola Co will post 2.1 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.06%. The Coca-Cola’s dividend payout ratio (DPR) is presently 76.92%.
In related news, SVP Nancy Quan sold 24,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $53.90, for a total value of $1,293,600.00. Following the transaction, the senior vice president now owns 189,049 shares in the company, valued at $10,189,741.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Lisa Chang bought 500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price of $53.24 per share, for a total transaction of $26,620.00. Following the acquisition, the senior vice president now owns 5,448 shares of the company’s stock, valued at $290,051.52. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 403,026 shares of company stock worth $22,037,406. 1.33% of the stock is owned by company insiders.
The Coca-Cola Profile
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; water, enhanced water, and sports drinks; juice, dairy, and plant-based beverages; teas and coffees; and energy drinks. It also offers concentrates, syrups, beverage bases, source waters, and powders/minerals, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
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