The Coca-Cola Company (NYSE:KO) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS decreased its position in shares of The Coca-Cola Company (NYSE:KO) by 0.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 701,671 shares of the company’s stock after selling 4,539 shares during the quarter. Coca-Cola accounts for approximately 0.9% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 21st largest holding. Kornitzer Capital Management Inc. KS’s holdings in Coca-Cola were worth $50,422,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. New Millennium Group LLC purchased a new position in shares of Coca-Cola during the 2nd quarter valued at approximately $26,000. Quarry LP purchased a new position in shares of Coca-Cola during the 2nd quarter valued at approximately $27,000. ESL Trust Services LLC purchased a new position in shares of Coca-Cola during the 1st quarter valued at approximately $28,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in shares of Coca-Cola during the 3rd quarter valued at approximately $36,000. Finally, Mount Lucas Management LP purchased a new position in shares of Coca-Cola during the 2nd quarter valued at approximately $38,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

KO has been the topic of a number of recent analyst reports. Citigroup increased their target price on Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. StockNews.com lowered Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Bank of America increased their target price on Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft raised their price objective on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Finally, Truist Financial raised their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $71.80.

Coca-Cola Trading Up 0.6 %

Shares of KO traded up $0.37 during midday trading on Thursday, reaching $64.07. The company had a trading volume of 1,610,073 shares, compared to its average volume of 13,216,100. The Coca-Cola Company has a 1-year low of $56.06 and a 1-year high of $73.53. The stock has a market cap of $276.00 billion, a PE ratio of 26.31, a price-to-earnings-growth ratio of 3.96 and a beta of 0.61. The firm has a 50 day simple moving average of $69.90 and a 200-day simple moving average of $66.43. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. The business had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company’s revenue for the quarter was down .8% on a year-over-year basis. During the same period last year, the company earned $0.74 EPS. Research analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date is Friday, November 29th. Coca-Cola’s payout ratio is 80.17%.

Insider Buying and Selling

In related news, EVP Nancy Quan sold 18,484 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the completion of the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $15,968,095. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Coca-Cola news, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $15,968,095. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Lisa Chang sold 40,334 shares of Coca-Cola stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $69.54, for a total value of $2,804,826.36. Following the completion of the transaction, the executive vice president now directly owns 74,067 shares of the company’s stock, valued at approximately $5,150,619.18. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 203,748 shares of company stock valued at $14,274,431. 0.97% of the stock is currently owned by insiders.

Coca-Cola 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.