Sumitomo Life Insurance Co. boosted its position in The Coca-Cola Co (NYSE:KO) by 5.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 139,364 shares of the company’s stock after acquiring an additional 7,404 shares during the period. The Coca-Cola accounts for 0.8% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 24th biggest position. Sumitomo Life Insurance Co.’s holdings in The Coca-Cola were worth $7,096,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in KO. Prime Capital Investment Advisors LLC purchased a new stake in shares of The Coca-Cola in the 1st quarter worth about $28,000. Orrstown Financial Services Inc. lifted its position in shares of The Coca-Cola by 230.8% in the 1st quarter. Orrstown Financial Services Inc. now owns 741 shares of the company’s stock worth $35,000 after purchasing an additional 517 shares during the period. Financial Gravity Wealth Inc. purchased a new stake in shares of The Coca-Cola in the 1st quarter worth about $35,000. Canton Hathaway LLC lifted its position in shares of The Coca-Cola by 83.5% in the 2nd quarter. Canton Hathaway LLC now owns 945 shares of the company’s stock worth $48,000 after purchasing an additional 430 shares during the period. Finally, PRW Wealth Management LLC purchased a new stake in shares of The Coca-Cola in the 4th quarter worth about $50,000. 66.64% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on KO shares. UBS Group raised their target price on shares of The Coca-Cola from $50.00 to $52.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Zacks Investment Research raised shares of The Coca-Cola from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Tuesday, June 4th. BMO Capital Markets raised their target price on shares of The Coca-Cola from $48.00 to $52.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 24th. HSBC reaffirmed a “neutral” rating and issued a $52.00 target price on shares of The Coca-Cola in a research report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. raised their target price on shares of The Coca-Cola from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The Coca-Cola has a consensus rating of “Hold” and a consensus target price of $53.86.
NYSE KO traded up $0.51 during trading hours on Wednesday, reaching $52.78. 9,001,966 shares of the company’s stock traded hands, compared to its average volume of 12,530,342. The Coca-Cola Co has a 52-week low of $44.25 and a 52-week high of $54.82. The company has a market cap of $223.76 billion, a price-to-earnings ratio of 25.38, a PEG ratio of 3.64 and a beta of 0.48. The business’s 50-day simple moving average is $52.12. The company has a current ratio of 0.83, a quick ratio of 0.71 and a debt-to-equity ratio of 1.44.
The Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The Coca-Cola had a net margin of 21.11% and a return on equity of 45.67%. The company had revenue of $10 billion during the quarter, compared to analysts’ expectations of $9.86 billion. During the same period last year, the company posted $0.61 EPS. The Coca-Cola’s revenue was up 6.1% on a year-over-year basis. As a group, research analysts expect that The Coca-Cola Co will post 2.1 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, September 13th. This represents a $1.60 dividend on an annualized basis and a yield of 3.03%. The Coca-Cola’s dividend payout ratio (DPR) is currently 76.92%.
In other The Coca-Cola news, insider James L. Dinkins sold 45,875 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $53.26, for a total transaction of $2,443,302.50. Following the completion of the sale, the insider now directly owns 95,101 shares in the company, valued at approximately $5,065,079.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Nancy Quan sold 23,320 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $47.95, for a total transaction of $1,118,194.00. Following the sale, the senior vice president now owns 165,049 shares of the company’s stock, valued at $7,914,099.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 369,175 shares of company stock valued at $18,634,452. 1.33% of the stock is currently owned by corporate insiders.
The Coca-Cola Company Profile
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 plantbased 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.
Recommended Story: Why is the conference call important?
Want to see what other hedge funds are holding KO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Coca-Cola Co (NYSE:KO).
Receive News & Ratings for The Coca-Cola Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Coca-Cola and related companies with MarketBeat.com's FREE daily email newsletter.