Pinnacle Associates Ltd. Has $13.28 Million Stock Position in CocaCola Company (The) $KO

Pinnacle Associates Ltd. reduced its stake in shares of CocaCola Company (The) (NYSE:KO) by 2.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 187,645 shares of the company’s stock after selling 4,700 shares during the quarter. Pinnacle Associates Ltd.’s holdings in CocaCola were worth $13,276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of KO. 1248 Management LLC acquired a new position in shares of CocaCola during the first quarter valued at about $26,000. Caitong International Asset Management Co. Ltd increased its stake in CocaCola by 5,142.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 367 shares of the company’s stock valued at $26,000 after acquiring an additional 360 shares during the period. Ridgewood Investments LLC raised its holdings in CocaCola by 148.4% in the 1st quarter. Ridgewood Investments LLC now owns 477 shares of the company’s stock valued at $34,000 after acquiring an additional 285 shares in the last quarter. GFG Capital LLC bought a new stake in shares of CocaCola in the 2nd quarter worth approximately $34,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of CocaCola during the 1st quarter worth approximately $42,000. 70.26% of the stock is owned by institutional investors.

CocaCola Price Performance

NYSE:KO opened at $68.94 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.21 and a debt-to-equity ratio of 1.30. The firm has a market cap of $296.56 billion, a PE ratio of 22.83, a price-to-earnings-growth ratio of 3.57 and a beta of 0.43. CocaCola Company has a 12 month low of $60.62 and a 12 month high of $74.38. The company’s 50-day moving average price is $67.73 and its two-hundred day moving average price is $69.68.

CocaCola (NYSE:KO) last posted its earnings results on Thursday, March 27th. The company reported $0.55 earnings per share (EPS) for the quarter. The company had revenue of $11.40 billion during the quarter. CocaCola had a net margin of 27.34% and a return on equity of 43.62%. On average, equities analysts anticipate that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.51 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $2.04 dividend on an annualized basis and a yield of 3.0%. CocaCola’s payout ratio is currently 67.55%.

Insider Transactions at CocaCola

In other news, insider Nikolaos Koumettis sold 37,396 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $69.10, for a total value of $2,584,063.60. Following the completion of the sale, the insider directly owned 209,513 shares in the company, valued at approximately $14,477,348.30. This trade represents a 15.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Max R. Levchin purchased 7,206 shares of CocaCola stock in a transaction that occurred on Friday, October 24th. The shares were bought at an average price of $69.87 per share, for a total transaction of $503,483.22. Following the transaction, the director owned 14,267 shares in the company, valued at $996,835.29. This represents a 102.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on KO. Piper Sandler upped their target price on CocaCola from $80.00 to $81.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. BNP Paribas reissued an “outperform” rating and issued a $83.00 price target on shares of CocaCola in a report on Monday, July 21st. Cowen reaffirmed a “buy” rating on shares of CocaCola in a report on Wednesday, October 22nd. Barclays reiterated an “overweight” rating on shares of CocaCola in a research report on Thursday, October 23rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of CocaCola in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and fifteen have assigned a Buy rating to the company. According to data from MarketBeat.com, CocaCola presently has a consensus rating of “Buy” and an average target price of $78.31.

CocaCola 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.