Raymond James Trust N.A. boosted its stake in shares of Coca-Cola Co (The) (NYSE:KO) by 28.6% during the third quarter, Holdings Channel.com reports. The firm owned 986,782 shares of the company’s stock after purchasing an additional 219,463 shares during the quarter. Coca-Cola makes up about 2.1% of Raymond James Trust N.A.’s investment portfolio, making the stock its 4th biggest position. Raymond James Trust N.A.’s holdings in Coca-Cola were worth $48,717,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of KO. BlackRock Inc. raised its stake in Coca-Cola by 6.7% in the second quarter. BlackRock Inc. now owns 298,038,286 shares of the company’s stock valued at $13,316,350,000 after buying an additional 18,701,930 shares during the last quarter. State Street Corp raised its stake in Coca-Cola by 1.0% in the first quarter. State Street Corp now owns 183,307,489 shares of the company’s stock valued at $8,185,610,000 after buying an additional 1,787,004 shares during the last quarter. Capital World Investors raised its stake in Coca-Cola by 17.8% in the first quarter. Capital World Investors now owns 38,240,690 shares of the company’s stock valued at $1,692,153,000 after buying an additional 5,792,057 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Coca-Cola by 1.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,334,403 shares of the company’s stock valued at $1,534,062,000 after buying an additional 439,125 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in Coca-Cola by 5.1% in the second quarter. California Public Employees Retirement System now owns 24,882,363 shares of the company’s stock valued at $1,111,744,000 after buying an additional 1,207,765 shares during the last quarter. 65.86% of the stock is currently owned by institutional investors.
In other Coca-Cola news, Director David B. Weinberg sold 98,905 shares of Coca-Cola stock in a transaction on Monday, July 27th. The stock was sold at an average price of $48.50, for a total value of $4,796,892.50. Following the sale, the director now owns 355,214 shares in the company, valued at $17,227,879. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert Edward Long sold 37,534 shares of Coca-Cola stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $48.21, for a total value of $1,809,514.14. Following the completion of the sale, the senior vice president now owns 82,502 shares in the company, valued at approximately $3,977,421.42. The disclosure for this sale can be found here. Insiders sold 836,439 shares of company stock worth $40,380,407 in the last 90 days. Company insiders own 1.01% of the company’s stock.
Shares of KO stock opened at $50.03 on Friday. The stock has a 50 day moving average of $49.97 and a 200 day moving average of $47.25. The company has a current ratio of 1.09, a quick ratio of 0.96 and a debt-to-equity ratio of 1.97. The stock has a market cap of $214.90 billion, a P/E ratio of 23.60, a P/E/G ratio of 5.91 and a beta of 0.55. Coca-Cola Co has a twelve month low of $36.27 and a twelve month high of $60.13.
Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Tuesday, July 21st. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. The company had revenue of $7.20 billion for the quarter, compared to analyst estimates of $7.26 billion. Coca-Cola had a return on equity of 41.44% and a net margin of 26.77%. Coca-Cola’s quarterly revenue was down 28.0% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. On average, research analysts predict that Coca-Cola Co will post 1.79 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a $0.41 dividend. The ex-dividend date of this dividend is Monday, November 30th. This represents a $1.64 dividend on an annualized basis and a yield of 3.28%. Coca-Cola’s dividend payout ratio is currently 77.73%.
A number of research firms have commented on KO. Bank of America reiterated a “buy” rating and issued a $53.00 price target on shares of Coca-Cola in a research note on Friday, July 17th. Zacks Investment Research cut Coca-Cola from a “hold” rating to a “sell” rating and set a $52.00 price target for the company. in a research note on Tuesday, September 22nd. Finally, Morgan Stanley upgraded Coca-Cola from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $52.00 to $54.00 in a research note on Wednesday, July 22nd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $54.19.
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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