Texas Permanent School Fund Corp trimmed its position in shares of The Coca-Cola Company (NYSE:KO – Free Report) by 20.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 641,444 shares of the company’s stock after selling 162,875 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Coca-Cola were worth $40,828,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of KO. Tidemark LLC bought a new position in Coca-Cola in the 4th quarter worth $26,000. New Millennium Group LLC bought a new position in shares of Coca-Cola during the 2nd quarter valued at about $26,000. Private Wealth Management Group LLC purchased a new stake in shares of Coca-Cola during the 4th quarter valued at about $27,000. Redmont Wealth Advisors LLC purchased a new stake in Coca-Cola in the 1st quarter worth about $28,000. Finally, ESL Trust Services LLC purchased a new stake in Coca-Cola in the 1st quarter worth about $28,000. 70.26% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several brokerages have weighed in on KO. Deutsche Bank Aktiengesellschaft raised their target price on shares of Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Citigroup raised their target price on shares of Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Morgan Stanley lifted their price objective on shares of Coca-Cola from $70.00 to $78.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Bank of America lifted their price objective on shares of Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Finally, TD Cowen lifted their price objective on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.73.
Insider Transactions at Coca-Cola
In other news, EVP Nancy Quan sold 19,304 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $63.44, for a total transaction of $1,224,645.76. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $14,168,055.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Coca-Cola news, insider Bruno Pietracci sold 38,653 shares of Coca-Cola stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nancy Quan sold 19,304 shares of Coca-Cola stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $63.44, for a total transaction of $1,224,645.76. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $14,168,055.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,074,910 shares of company stock worth $585,972,318. Company insiders own 0.97% of the company’s stock.
Coca-Cola Stock Up 0.9 %
Shares of Coca-Cola stock traded up $0.62 during trading hours on Monday, reaching $71.76. 908,740 shares of the company were exchanged, compared to its average volume of 13,130,536. The Coca-Cola Company has a 1 year low of $51.55 and a 1 year high of $73.53. The stock’s fifty day moving average is $67.48 and its 200 day moving average is $63.58. 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 $309.28 billion, a PE ratio of 28.46, a PEG ratio of 3.94 and a beta of 0.60.
Coca-Cola (NYSE:KO – Get Free Report) last posted its 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. The firm had revenue of $12.40 billion for the quarter, compared to analyst estimates of $11.78 billion. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. Coca-Cola’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.78 earnings per share. As a group, equities research analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current year.
Coca-Cola Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.485 per share. The ex-dividend date is Friday, September 13th. This represents a $1.94 annualized dividend and a dividend yield of 2.70%. Coca-Cola’s dividend payout ratio (DPR) is 77.60%.
About Coca-Cola
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.
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