Matrix Asset Advisors Inc. NY lowered its position in shares of The Coca-Cola Company (NYSE:KO – Get Rating) by 60.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 136,464 shares of the company’s stock after selling 205,751 shares during the quarter. Matrix Asset Advisors Inc. NY’s holdings in Coca-Cola were worth $8,585,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Ritholtz Wealth Management raised its stake in Coca-Cola by 14.0% during the second quarter. Ritholtz Wealth Management now owns 41,143 shares of the company’s stock worth $2,588,000 after acquiring an additional 5,040 shares in the last quarter. Gilman Hill Asset Management LLC raised its stake in Coca-Cola by 12.5% during the second quarter. Gilman Hill Asset Management LLC now owns 12,277 shares of the company’s stock worth $772,000 after acquiring an additional 1,365 shares in the last quarter. Acropolis Investment Management LLC raised its stake in Coca-Cola by 15.2% during the second quarter. Acropolis Investment Management LLC now owns 9,375 shares of the company’s stock worth $590,000 after acquiring an additional 1,235 shares in the last quarter. Five Oceans Advisors raised its stake in Coca-Cola by 34.1% during the second quarter. Five Oceans Advisors now owns 6,796 shares of the company’s stock worth $428,000 after acquiring an additional 1,729 shares in the last quarter. Finally, Miracle Mile Advisors LLC grew its holdings in shares of Coca-Cola by 6.7% during the second quarter. Miracle Mile Advisors LLC now owns 18,521 shares of the company’s stock worth $1,165,000 after purchasing an additional 1,167 shares during the last quarter. Institutional investors and hedge funds own 68.93% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on KO. JPMorgan Chase & Co. set a $70.00 price target on Coca-Cola in a research note on Tuesday, July 26th. Credit Suisse Group set a $68.00 price target on Coca-Cola in a research report on Wednesday, July 20th. UBS Group upped their price objective on Coca-Cola from $70.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, July 27th. Royal Bank of Canada set a $69.00 price target on Coca-Cola in a research note on Tuesday, July 26th. Finally, Morgan Stanley cut their price target on Coca-Cola from $76.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, July 27th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Coca-Cola has an average rating of “Moderate Buy” and an average price target of $69.59.
Coca-Cola Trading Down 0.8 %
Coca-Cola (NYSE:KO – Get Rating) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.03. The firm had revenue of $11.30 billion for the quarter, compared to analyst estimates of $10.57 billion. Coca-Cola had a return on equity of 42.13% and a net margin of 23.16%. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period last year, the company earned $0.68 EPS. Equities research analysts expect that The Coca-Cola Company will post 2.46 EPS for the current year.
Coca-Cola Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 16th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.99%. Coca-Cola’s payout ratio is currently 79.64%.
Insider Activity at Coca-Cola
In other news, VP Kathy Loveless sold 2,512 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $64.00, for a total transaction of $160,768.00. Following the sale, the vice president now owns 1,370 shares of the company’s stock, valued at approximately $87,680. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Coca-Cola news, VP Kathy Loveless sold 2,512 shares of the stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $64.00, for a total value of $160,768.00. Following the transaction, the vice president now directly owns 1,370 shares in the company, valued at $87,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carolyn Everson acquired 983 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were acquired at an average cost of $62.29 per share, with a total value of $61,231.07. Following the transaction, the director now owns 1,500 shares in the company, valued at $93,435. The disclosure for this purchase can be found here. In the last three months, insiders have sold 45,830 shares of company stock valued at $2,939,961. 0.98% of the stock is owned by corporate insiders.
Coca-Cola Company Profile
The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; flavored and enhanced water, and sports drinks; juice, dairy, and plant-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.
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