Sompo Asset Management Co. Ltd. Raises Stake in The Coca-Cola Company (NYSE:KO)

24 Nov 2024, 13:44 by Tristan Rich · The Markets Daily

Sompo Asset Management Co. Ltd. boosted its holdings in The Coca-Cola Company (NYSE:KO – Free Report) by 7.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 155,755 shares of the company’s stock after purchasing an additional 10,220 shares during the quarter. Coca-Cola accounts for approximately 1.8% of Sompo Asset Management Co. Ltd.’s investment portfolio, making the stock its 11th largest holding. Sompo Asset Management Co. Ltd.’s holdings in Coca-Cola were worth $11,193,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Swedbank AB raised its stake in shares of Coca-Cola by 16.8% during the third quarter. Swedbank AB now owns 1,963,008 shares of the company’s stock valued at $141,062,000 after purchasing an additional 282,579 shares during the period. StoneX Group Inc. lifted its stake in shares of Coca-Cola by 1.0% in the third quarter. StoneX Group Inc. now owns 28,766 shares of the company’s stock worth $2,081,000 after acquiring an additional 292 shares in the last quarter. Algert Global LLC purchased a new position in Coca-Cola in the third quarter valued at about $5,799,000. Kingsview Wealth Management LLC grew its stake in Coca-Cola by 6.1% during the 3rd quarter. Kingsview Wealth Management LLC now owns 73,185 shares of the company’s stock valued at $5,259,000 after purchasing an additional 4,198 shares in the last quarter. Finally, Cerity Partners LLC grew its stake in Coca-Cola by 16.3% during the 3rd quarter. Cerity Partners LLC now owns 932,102 shares of the company’s stock valued at $66,996,000 after purchasing an additional 130,626 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Insider Transactions at Coca-Cola

In related news, CEO James Quincey sold 42,397 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $70.02, for a total transaction of $2,968,637.94. Following the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $30,987,070.92. The trade was a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nancy Quan sold 18,484 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 160,881 shares of company stock valued at $10,693,244 over the last three months. Company insiders own 0.97% of the company’s stock.

Coca-Cola Price Performance

Shares of NYSE:KO opened at $63.92 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.06 and a quick ratio of 0.90. The stock has a market cap of $275.35 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 3.87 and a beta of 0.61. The stock’s 50 day moving average price is $67.79 and its 200 day moving average price is $66.54. The Coca-Cola Company has a 12 month low of $57.47 and a 12 month high of $73.53.

Coca-Cola (NYSE:KO – Get Free Report) last released its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03. The business had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The business’s quarterly revenue was down .8% on a year-over-year basis. During the same period in the prior year, the business earned $0.74 earnings per share. Equities research analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s payout ratio is 80.17%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Cfra reiterated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Wells Fargo & Company increased their price objective on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Truist Financial increased their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Finally, Morgan Stanley decreased their target price on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $72.36.

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