Renaissance Technologies LLC lessened its position in shares of CocaCola Company (The) (NYSE:KO – Free Report) by 99.8% in the first quarter, HoldingsChannel reports. The fund owned 4,948 shares of the company’s stock after selling 3,009,444 shares during the period. Renaissance Technologies LLC’s holdings in CocaCola were worth $375,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also modified their holdings of the business. Louisbourg Investments Inc. acquired a new position in shares of CocaCola during the 1st quarter worth approximately $25,000. Anfield Capital Management LLC boosted its holdings in shares of CocaCola by 438.8% in the 4th quarter. Anfield Capital Management LLC now owns 361 shares of the company’s stock valued at $25,000 after purchasing an additional 294 shares in the last quarter. Headlands Technologies LLC acquired a new stake in CocaCola in the second quarter valued at about $26,000. Evolution Wealth Management Inc. grew its holdings in shares of CocaCola by 1,081.8% during the 4th quarter. Evolution Wealth Management Inc. now owns 390 shares of the company’s stock valued at $27,000 after purchasing an additional 357 shares during the last quarter. Finally, Ankerstar Wealth LLC bought a new stake in shares of CocaCola during the fourth quarter worth $30,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.
CocaCola Stock Up 2.1%
KO stock opened at $88.81 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.12 and a current ratio of 1.30. The company has a market capitalization of $382.13 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 3.06 and a beta of 0.33. CocaCola Company has a fifty-two week low of $65.35 and a fifty-two week high of $90.92. The stock has a fifty day moving average of $83.81 and a 200-day moving average of $80.07.
CocaCola Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.12 annualized dividend and a yield of 2.4%. CocaCola’s payout ratio is currently 63.66%.
Analysts Set New Price Targets
KO has been the topic of several research reports. Barclays boosted their price target on CocaCola from $91.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Piper Sandler increased their price target on CocaCola from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Bank of America raised their price objective on shares of CocaCola from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Seaport Research Partners set a $95.00 target price on CocaCola in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their price target on shares of CocaCola from $90.00 to $96.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.76.
Insider Activity
In other news, insider Sanket Ray sold 9,958 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $86.50, for a total value of $861,367.00. Following the transaction, the insider owned 62,105 shares of the company’s stock, valued at approximately $5,372,082.50. This represents a 13.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bruno Pietracci sold 75,727 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.65, for a total value of $6,788,925.55. Following the transaction, the insider directly owned 35,393 shares of the company’s stock, valued at $3,172,982.45. The trade was a 68.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 1,433,535 shares of company stock worth $121,922,698. Company insiders own 0.90% of the company’s stock.
CocaCola Company Profile
The Coca‑Cola Company (NYSE: KO) is a global beverage manufacturer, marketer and distributor best known for its flagship Coca‑Cola soda. Headquartered in Atlanta, Georgia, the company develops and sells concentrates, syrups and finished beverages across a broad portfolio of brands. Its product range spans sparkling soft drinks, bottled water, sports drinks, juices, ready‑to‑drink teas and coffees, and other still beverages, marketed under both global and regional brand names.
Coca‑Cola’s brand portfolio includes widely recognized names such as Coca‑Cola, Diet Coke, Coca‑Cola Zero Sugar, Sprite, Fanta, Minute Maid, Powerade and Dasani, and in recent years the company has expanded into the coffee and premium beverage categories through acquisitions such as Costa Coffee.
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