Charter Oak Capital Management LLC Boosts Stake in The Coca-Cola Company (NYSE:KO)

Charter Oak Capital Management LLC lifted its stake in The Coca-Cola Company (NYSE:KO) by 3.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,723 shares of the company’s stock after purchasing an additional 287 shares during the period. Charter Oak Capital Management LLC’s holdings in Coca-Cola were worth $553,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Voleon Capital Management LP bought a new position in Coca-Cola in the 4th quarter worth $2,513,000. Newbridge Financial Services Group Inc. boosted its holdings in Coca-Cola by 62.2% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 26,708 shares of the company’s stock worth $1,663,000 after buying an additional 10,240 shares during the period. Clark Capital Management Group Inc. boosted its holdings in shares of Coca-Cola by 31.8% during the 4th quarter. Clark Capital Management Group Inc. now owns 848,868 shares of the company’s stock valued at $52,851,000 after purchasing an additional 204,681 shares during the last quarter. Wilmington Savings Fund Society FSB grew its position in shares of Coca-Cola by 2.4% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 196,874 shares of the company’s stock valued at $12,257,000 after purchasing an additional 4,637 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its position in shares of Coca-Cola by 8.1% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 10,484,527 shares of the company’s stock valued at $652,767,000 after purchasing an additional 783,161 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Morgan Stanley raised their price objective on 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 raised their price objective on Coca-Cola from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Barclays restated an “overweight” rating on shares of Coca-Cola in a research report on Thursday, March 27th. Piper Sandler raised their price objective on Coca-Cola from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Finally, UBS Group raised their price objective on Coca-Cola from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $75.81.

Coca-Cola Stock Up 0.6%

Shares of NYSE KO opened at $71.37 on Friday. 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 company has a market cap of $307.20 billion, a P/E ratio of 28.89, a PEG ratio of 3.79 and a beta of 0.46. The Coca-Cola Company has a 1 year low of $60.62 and a 1 year high of $74.38. The firm has a 50-day simple moving average of $71.39 and a two-hundred day simple moving average of $67.60.

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

Coca-Cola Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid 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 is Friday, June 13th. Coca-Cola’s dividend payout ratio is presently 81.60%.

Insider Activity at Coca-Cola

In other Coca-Cola news, COO Henrique Braun sold 25,277 shares of Coca-Cola stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $71.47, for a total value of $1,806,547.19. Following the transaction, the chief operating officer now directly owns 52,466 shares of the company’s stock, valued at approximately $3,749,745.02. The trade was a 32.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James Quincey sold 266,403 shares of the business’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $72.06, for a total transaction of $19,197,000.18. Following the sale, the chief executive officer now directly owns 275,946 shares in the company, valued at $19,884,668.76. This trade represents a 49.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 440,664 shares of company stock valued at $31,730,532 over the last ninety days. 0.97% of the stock is owned by company insiders.

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.