Concentric Capital Strategies LP Takes $241,000 Position in The Coca-Cola Company (NYSE:KO)

Concentric Capital Strategies LP purchased a new position in shares of The Coca-Cola Company (NYSE:KO) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 3,875 shares of the company’s stock, valued at approximately $241,000.

Several other hedge funds also recently added to or reduced their stakes in KO. Norges Bank purchased a new position in Coca-Cola in the 4th quarter worth about $3,402,151,000. Capital International Investors boosted its position in Coca-Cola by 96.0% in the 4th quarter. Capital International Investors now owns 24,949,194 shares of the company’s stock valued at $1,553,337,000 after buying an additional 12,222,885 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Coca-Cola by 18.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 74,163,187 shares of the company’s stock worth $4,617,400,000 after acquiring an additional 11,569,920 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Coca-Cola during the fourth quarter worth approximately $500,192,000. Finally, Franklin Resources Inc. raised its stake in shares of Coca-Cola by 21.9% during the fourth quarter. Franklin Resources Inc. now owns 34,103,772 shares of the company’s stock valued at $2,123,301,000 after acquiring an additional 6,118,819 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.

Insider Activity at Coca-Cola

In other Coca-Cola news, CFO John Murphy sold 88,658 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $72.09, for a total transaction of $6,391,355.22. Following the transaction, the chief financial officer now owns 205,511 shares in the company, valued at approximately $14,815,287.99. This represents a 30.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bruno Pietracci sold 19,058 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $70.56, for a total value of $1,344,732.48. The disclosure for this sale can be found here. Insiders sold a total of 402,081 shares of company stock worth $28,654,426 in the last three months. Company insiders own 0.97% of the company’s stock.

Wall Street Analysts Forecast Growth

KO has been the topic of several research analyst reports. Piper Sandler increased their price objective on Coca-Cola from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Evercore ISI increased their price target on Coca-Cola from $72.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Cfra Research upgraded Coca-Cola to a “strong-buy” rating in a report on Tuesday, April 15th. Barclays reiterated an “overweight” rating on shares of Coca-Cola in a report on Thursday, March 27th. Finally, Royal Bank of Canada boosted their price target on shares of Coca-Cola from $73.00 to $76.00 and gave the company an “outperform” rating in a report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $75.59.

Coca-Cola Stock Performance

Shares of NYSE KO opened at $71.23 on Friday. The company has a 50 day simple moving average of $70.94 and a two-hundred day simple moving average of $66.64. The stock has a market cap of $306.55 billion, a price-to-earnings ratio of 28.84, a PEG ratio of 3.79 and a beta of 0.47. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 1.61. The Coca-Cola Company has a 12 month low of $60.62 and a 12 month high of $74.38.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.71 by $0.02. The company had revenue of $11.13 billion for the quarter, compared to analyst estimates of $11.23 billion. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. The firm’s revenue was down .7% on a year-over-year basis. During the same period in the prior year, the company earned $0.72 earnings per share. As a group, analysts predict that The Coca-Cola Company will post 2.96 earnings per share for the current year.

Coca-Cola Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Friday, June 13th. Coca-Cola’s dividend payout ratio (DPR) is 81.60%.

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.