Utah Retirement Systems Reduces Stock Holdings in The Coca-Cola Company (NYSE:KO)

Utah Retirement Systems lowered its position in The Coca-Cola Company (NYSE:KO) by 4.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 742,706 shares of the company’s stock after selling 32,700 shares during the quarter. The Coca-Cola comprises about 0.5% of Utah Retirement Systems’ holdings, making the stock its 29th biggest holding. Utah Retirement Systems’ holdings in The Coca-Cola were worth $39,148,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in The Coca-Cola by 2.9% during the first quarter. Geode Capital Management LLC now owns 58,236,409 shares of the company’s stock worth $3,060,800,000 after buying an additional 1,645,182 shares during the period. Morgan Stanley boosted its stake in 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 period. Norges Bank purchased a new position in The Coca-Cola during the fourth quarter worth about $2,345,618,000. Price T Rowe Associates Inc. MD boosted its stake in The Coca-Cola by 1.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,866,731 shares of the company’s stock worth $1,837,825,000 after buying an additional 571,710 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in The Coca-Cola by 9.5% during the fourth quarter. Nuveen Asset Management LLC now owns 25,474,305 shares of the company’s stock worth $1,397,010,000 after buying an additional 2,203,334 shares during the period. 66.21% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO James Quincey sold 110,000 shares of the firm’s stock in a transaction that occurred on Friday, April 23rd. The shares were sold at an average price of $54.48, for a total transaction of $5,992,800.00. Following the transaction, the chief executive officer now directly owns 266,718 shares in the company, valued at $14,530,796.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Nikolaos Koumettis sold 55,392 shares of the firm’s stock in a transaction that occurred on Friday, June 4th. The stock was sold at an average price of $55.89, for a total transaction of $3,095,858.88. Following the transaction, the insider now owns 170,403 shares in the company, valued at $9,523,823.67. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,303 shares of company stock worth $10,213,630. Insiders own 1.01% of the company’s stock.

KO stock traded down $0.45 during midday trading on Thursday, reaching $56.10. 122,182 shares of the company were exchanged, compared to its average volume of 13,722,054. The company has a current ratio of 1.33, a quick ratio of 1.13 and a debt-to-equity ratio of 1.80. The Coca-Cola Company has a 1-year low of $46.22 and a 1-year high of $57.56. The company’s 50-day moving average price is $54.97. The company has a market capitalization of $241.89 billion, a P/E ratio of 33.84, a price-to-earnings-growth ratio of 3.35 and a beta of 0.61.

The Coca-Cola (NYSE:KO) last released its quarterly earnings data on Tuesday, July 20th. The company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.12. The Coca-Cola had a net margin of 21.59% and a return on equity of 41.48%. The company had revenue of $10.10 billion for the quarter, compared to analysts’ expectations of $9.30 billion. During the same quarter last year, the company earned $0.42 earnings per share. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. As a group, sell-side analysts predict that The Coca-Cola Company will post 2.19 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Wednesday, September 15th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Tuesday, September 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.99%. The Coca-Cola’s dividend payout ratio (DPR) is presently 86.15%.

KO has been the topic of several research reports. Citigroup increased their price target on shares of The Coca-Cola from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Thursday. Truist increased their price target on shares of The Coca-Cola from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday. Morgan Stanley increased their price target on shares of The Coca-Cola from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday. Argus increased their price target on shares of The Coca-Cola from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, June 17th. Finally, Jefferies Financial Group increased their price target on shares of The Coca-Cola from $57.00 to $59.00 and gave the stock a “hold” rating in a research report on Friday, July 16th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The Coca-Cola currently has a consensus rating of “Buy” and a consensus target price of $60.33.

The Coca-Cola Company Profile

The Coca-Cola Co is the nonalcoholic beverage company, which engages in the manufacture, market, and sale of non-alcoholic beverages which include sparkling soft drinks, water, enhanced water and sports drinks, juice, dairy and plant-based beverages, tea and coffee and energy drinks. Its brands include Coca-Cola, Diet Coke, Coca-Cola Zero, Fanta, Sprite, Minute Maid, Georgia, Powerade, Del Valle, Schweppes, Aquarius, Minute Maid Pulpy, Dasani, Simply, Glaceau Vitaminwater, Bonaqua, Gold Peak, Fuze Tea, Glaceau Smartwater, and Ice Dew.

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

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