Corundum Group Inc. Grows Stock Holdings in The Coca-Cola Company (NYSE:KO)

Corundum Group Inc. lifted its stake in shares of The Coca-Cola Company (NYSE:KO) by 84.2% during the second quarter, HoldingsChannel.com reports. The fund owned 18,940 shares of the company’s stock after buying an additional 8,658 shares during the quarter. Corundum Group Inc.’s holdings in Coca-Cola were worth $1,206,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Tennessee Valley Asset Management Partners purchased a new position in shares of Coca-Cola during the fourth quarter valued at $67,000. Carnegie Capital Asset Management LLC raised its holdings in shares of Coca-Cola by 2.8% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 93,073 shares of the company’s stock valued at $5,485,000 after purchasing an additional 2,516 shares in the last quarter. Cullen Investment Group LTD. purchased a new stake in shares of Coca-Cola in the 4th quarter worth approximately $966,000. Bison Wealth LLC boosted its stake in shares of Coca-Cola by 4.3% during the fourth quarter. Bison Wealth LLC now owns 29,587 shares of the company’s stock valued at $1,744,000 after purchasing an additional 1,232 shares in the last quarter. Finally, Sippican Capital Advisors increased its holdings in Coca-Cola by 25.9% during the fourth quarter. Sippican Capital Advisors now owns 6,799 shares of the company’s stock valued at $401,000 after buying an additional 1,400 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on KO. BNP Paribas began coverage on Coca-Cola in a report on Monday, June 24th. They set an “outperform” rating and a $72.00 target price for the company. JPMorgan Chase & Co. boosted their price target on Coca-Cola from $68.00 to $72.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Evercore ISI raised their price objective on Coca-Cola from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, May 1st. Wells Fargo & Company lifted their target price on Coca-Cola from $70.00 to $73.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, UBS Group increased their price target on shares of Coca-Cola from $70.00 to $72.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $70.20.

Insider Buying and Selling

In other news, EVP Nancy Quan sold 19,304 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $63.44, for a total value of $1,224,645.76. Following the sale, the executive vice president now owns 223,330 shares in the company, valued at $14,168,055.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Nancy Quan sold 19,304 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $63.44, for a total value of $1,224,645.76. Following the sale, the executive vice president now owns 223,330 shares in the company, valued at $14,168,055.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa Chang sold 58,122 shares of Coca-Cola stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $68.51, for a total transaction of $3,981,938.22. Following the transaction, the executive vice president now directly owns 74,067 shares of the company’s stock, valued at $5,074,330.17. The disclosure for this sale can be found here. In the last quarter, insiders have sold 871,162 shares of company stock worth $571,697,887. 0.97% of the stock is owned by company insiders.

Coca-Cola Stock Performance

Shares of NYSE KO traded up $0.07 during midday trading on Thursday, reaching $68.65. The company had a trading volume of 11,196,739 shares, compared to its average volume of 13,056,170. The stock has a market cap of $295.74 billion, a P/E ratio of 27.46, a P/E/G ratio of 3.80 and a beta of 0.59. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39. The Coca-Cola Company has a 1 year low of $51.55 and a 1 year high of $69.67. The business’s 50-day simple moving average is $65.01 and its 200 day simple moving average is $62.30.

Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The company had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 EPS. On average, analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.485 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.94 dividend on an annualized basis and a yield of 2.83%. Coca-Cola’s dividend payout ratio is currently 77.60%.

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.