Breakwater Investment Management Sells 2,064 Shares of The Coca-Cola Company (NYSE:KO)

Breakwater Investment Management trimmed its position in shares of The Coca-Cola Company (NYSE:KO) by 58.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,472 shares of the company’s stock after selling 2,064 shares during the period. Breakwater Investment Management’s holdings in Coca-Cola were worth $105,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of Coca-Cola by 18.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 74,163,187 shares of the company’s stock valued at $4,617,400,000 after buying an additional 11,569,920 shares during the period. Norges Bank bought a new position in shares of Coca-Cola in the fourth quarter worth approximately $3,402,151,000. Northern Trust Corp raised its position in Coca-Cola by 9.5% in the fourth quarter. Northern Trust Corp now owns 43,802,296 shares of the company’s stock worth $2,727,131,000 after acquiring an additional 3,811,756 shares during the period. Franklin Resources Inc. raised its position in Coca-Cola by 21.9% in the fourth quarter. Franklin Resources Inc. now owns 34,103,772 shares of the company’s stock worth $2,123,301,000 after acquiring an additional 6,118,819 shares during the period. Finally, Capital International Investors increased its stake in shares of Coca-Cola by 96.0% in the fourth quarter. Capital International Investors now owns 24,949,194 shares of the company’s stock worth $1,553,337,000 after purchasing an additional 12,222,885 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

Insider Activity at Coca-Cola

In related news, CFO John Murphy sold 88,658 shares of the business’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $72.09, for a total value of $6,391,355.22. Following the completion of the transaction, the chief financial officer now directly owns 205,511 shares in the company, valued at $14,815,287.99. The trade was a 30.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Beatriz R. Perez sold 60,326 shares of the business’s stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $71.87, for a total transaction of $4,335,629.62. Following the completion of the sale, the executive vice president now directly owns 187,716 shares of the company’s stock, valued at approximately $13,491,148.92. The trade was a 24.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 415,387 shares of company stock worth $29,923,985 in the last three months. Company insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on KO. Morgan Stanley reaffirmed an “overweight” rating and set a $81.00 target price on shares of Coca-Cola in a research note on Monday, June 9th. Piper Sandler raised their target price on shares of Coca-Cola from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Cfra Research upgraded shares of Coca-Cola to a “strong-buy” rating in a report on Tuesday, April 15th. Barclays reiterated an “overweight” rating on shares of Coca-Cola in a report on Thursday, March 27th. Finally, UBS Group raised their target price on shares of Coca-Cola from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $76.00.

Coca-Cola Stock Down 0.7%

NYSE:KO opened at $70.51 on Tuesday. The company has a market cap of $303.50 billion, a PE ratio of 28.55, a P/E/G ratio of 3.79 and a beta of 0.46. The Coca-Cola Company has a twelve month low of $60.62 and a twelve month high of $74.38. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 1.61. The company’s 50 day moving average is $71.60 and its two-hundred day moving average is $67.94.

Coca-Cola (NYSE:KO) last announced 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. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. The business had revenue of $11.13 billion during the quarter, compared to analysts’ expectations of $11.23 billion. During the same period in the previous year, the business posted $0.72 EPS. The business’s quarterly revenue was down .7% compared to the same quarter last year. Analysts anticipate that The Coca-Cola Company will post 2.96 EPS for the current year.

Coca-Cola Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders 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 yield of 2.89%. The ex-dividend date of this dividend is Friday, June 13th. Coca-Cola’s payout ratio is 81.60%.

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.