Tobam Cuts Position in The Coca-Cola Company (NYSE:KO)

Tobam reduced its stake in shares of The Coca-Cola Company (NYSE:KO) by 48.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 11,219 shares of the company’s stock after selling 10,398 shares during the period. Tobam’s holdings in Coca-Cola were worth $714,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Tidemark LLC acquired a new stake in shares of Coca-Cola in the fourth quarter worth about $26,000. New Millennium Group LLC acquired a new position in Coca-Cola during the 2nd quarter worth $26,000. Private Wealth Management Group LLC acquired a new position in shares of Coca-Cola in the 4th quarter valued at $27,000. Redmont Wealth Advisors LLC acquired a new position in shares of Coca-Cola in the 1st quarter valued at $28,000. Finally, ESL Trust Services LLC acquired a new stake in Coca-Cola during the 1st quarter worth $28,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Stock Performance

Coca-Cola stock traded up $0.06 during mid-day trading on Friday, reaching $72.11. 7,159,174 shares of the company were exchanged, compared to its average volume of 13,005,718. The Coca-Cola Company has a twelve month low of $51.55 and a twelve month high of $72.35. The firm’s 50-day simple moving average is $66.27 and its two-hundred day simple moving average is $62.95. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08. The firm has a market cap of $310.65 billion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 3.80 and a beta of 0.59.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The business had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. During the same period last year, the firm earned $0.78 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities analysts predict that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Friday, September 13th. Coca-Cola’s dividend payout ratio is currently 77.60%.

Insider Activity at Coca-Cola

In related news, insider Nikolaos Koumettis sold 80,891 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $62.34, for a total value of $5,042,744.94. Following the transaction, the insider now owns 218,880 shares in the company, valued at $13,644,979.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Nikolaos Koumettis sold 80,891 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $62.34, for a total transaction of $5,042,744.94. Following the completion of the transaction, the insider now directly owns 218,880 shares of the company’s stock, valued at $13,644,979.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total value of $553,722,575.00. Following the transaction, the insider now owns 1,883,546 shares of the company’s stock, valued at $1,742,280,050. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,074,910 shares of company stock worth $585,972,318. 0.97% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently commented on KO. TD Cowen upped their price target on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. BNP Paribas assumed coverage on shares of Coca-Cola in a research report on Monday, June 24th. They set an “outperform” rating and a $72.00 target price on the stock. Argus upped their price objective on shares of Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Royal Bank of Canada upped their target price on shares of Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. increased their price target on shares of Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Coca-Cola presently has an average rating of “Moderate Buy” and an average target price of $70.73.

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, sparkling flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and other beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.