Pinnacle Investment Management Ltd Takes $1.25 Million Position in The Coca-Cola Company (NYSE:KO)

Pinnacle Investment Management Ltd bought a new stake in shares of The Coca-Cola Company (NYSE:KO) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,000 shares of the company’s stock, valued at approximately $1,245,000. Coca-Cola makes up approximately 0.9% of Pinnacle Investment Management Ltd’s investment portfolio, making the stock its 13th largest holding.

Several other large investors have also added to or reduced their stakes in the business. Voleon Capital Management LP bought a new stake in Coca-Cola in the 4th quarter valued at about $2,513,000. Rice Partnership LLC grew its stake in Coca-Cola by 7.1% in the fourth quarter. Rice Partnership LLC now owns 102,746 shares of the company’s stock valued at $6,397,000 after acquiring an additional 6,793 shares during the period. Newbridge Financial Services Group Inc. grew its stake in Coca-Cola by 62.2% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 26,708 shares of the company’s stock valued at $1,663,000 after acquiring an additional 10,240 shares during the period. Lockheed Martin Investment Management Co. increased its holdings in shares of Coca-Cola by 16.3% during the fourth quarter. Lockheed Martin Investment Management Co. now owns 218,985 shares of the company’s stock valued at $13,634,000 after acquiring an additional 30,650 shares in the last quarter. Finally, abrdn plc raised its position in shares of Coca-Cola by 0.3% during the fourth quarter. abrdn plc now owns 7,238,640 shares of the company’s stock worth $447,963,000 after purchasing an additional 22,904 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on KO shares. 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 research note on Wednesday, April 30th. Morgan Stanley raised their price target on shares of Coca-Cola from $76.00 to $78.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Wells Fargo & Company boosted their price objective on Coca-Cola from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. UBS Group raised their target price on Coca-Cola from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Finally, Piper Sandler upped their price target on Coca-Cola from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Coca-Cola currently has a consensus rating of “Buy” and an average price target of $75.59.

Coca-Cola Stock Down 0.3%

Shares of NYSE KO opened at $71.69 on Wednesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84. The stock has a market capitalization of $308.57 billion, a PE ratio of 29.02, a P/E/G ratio of 3.79 and a beta of 0.47. The Coca-Cola Company has a one year low of $60.62 and a one year high of $74.38. The business’s fifty day moving average price is $70.96 and its 200-day moving average price is $66.86.

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

Coca-Cola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Friday, June 13th. Coca-Cola’s dividend payout ratio (DPR) is presently 81.60%.

Insider Activity at Coca-Cola

In other Coca-Cola news, insider Nikolaos Koumettis sold 54,708 shares of Coca-Cola stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $70.96, for a total transaction of $3,882,079.68. Following the completion of the transaction, the insider now owns 246,909 shares of the company’s stock, valued at $17,520,662.64. The trade was a 18.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Bruno Pietracci sold 19,058 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $70.56, for a total transaction of $1,344,732.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 462,407 shares of company stock worth $32,990,056. Corporate insiders own 0.90% of the company’s stock.

Coca-Cola Company 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.