Martingale Asset Management L P Reduces Position in The Coca-Cola Company (NYSE:KO)

Martingale Asset Management L P trimmed its holdings in The Coca-Cola Company (NYSE:KO) by 17.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 469,169 shares of the company’s stock after selling 100,761 shares during the period. Coca-Cola accounts for 0.8% of Martingale Asset Management L P’s holdings, making the stock its 28th biggest holding. Martingale Asset Management L P’s holdings in Coca-Cola were worth $33,714,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Cetera Advisors LLC boosted its stake in shares of Coca-Cola by 39.9% during the 1st quarter. Cetera Advisors LLC now owns 366,670 shares of the company’s stock worth $22,433,000 after acquiring an additional 104,506 shares in the last quarter. Cetera Advisor Networks LLC raised its holdings in Coca-Cola by 4.1% in the 1st quarter. Cetera Advisor Networks LLC now owns 509,277 shares of the company’s stock valued at $31,158,000 after acquiring an additional 19,985 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Coca-Cola by 16.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 12,419 shares of the company’s stock valued at $767,000 after acquiring an additional 1,722 shares during the last quarter. OMC Financial Services LTD acquired a new stake in Coca-Cola in the 1st quarter valued at about $699,000. Finally, American Trust increased its holdings in shares of Coca-Cola by 4.9% during the 1st quarter. American Trust now owns 13,683 shares of the company’s stock worth $837,000 after buying an additional 638 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Coca-Cola Price Performance

Shares of KO opened at $64.43 on Friday. The firm’s fifty day simple moving average is $67.22 and its 200-day simple moving average is $66.56. The Coca-Cola Company has a twelve month low of $57.47 and a twelve month high of $73.53. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The firm has a market capitalization of $277.55 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 3.91 and a beta of 0.61.

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

Coca-Cola Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.485 per share. The ex-dividend date is Friday, November 29th. This represents a $1.94 annualized dividend and a yield of 3.01%. Coca-Cola’s dividend payout ratio is currently 80.17%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on KO shares. Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Truist Financial increased their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Barclays lowered their price objective on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Cfra reissued a “hold” rating on shares of Coca-Cola in a research report on Thursday, September 5th. Finally, Wells Fargo & Company raised their price target on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $72.36.

Insider Buying and Selling

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction on Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the transaction, the chief executive officer now directly owns 342,546 shares in the company, valued at approximately $21,933,220.38. The trade was a 22.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.97% of the stock is owned by company insiders.

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.