Grimes & Company Inc. Raises Holdings in CocaCola Company (The) (NYSE:KO)

Grimes & Company Inc. boosted its stake in shares of CocaCola Company (The) (NYSE:KO) by 0.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,577 shares of the company’s stock after acquiring an additional 185 shares during the quarter. Grimes & Company Inc.’s holdings in CocaCola were worth $1,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Transactions at CocaCola

In other news, CFO John Murphy sold 88,658 shares of the business’s stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $72.09, for a total value of $6,391,355.22. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James Quincey sold 266,403 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $72.06, for a total value of $19,197,000.18. Following the completion of the transaction, the chief executive officer now owns 275,946 shares in the company, valued at $19,884,668.76. The trade was 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 415,387 shares of company stock worth $29,923,985 in the last ninety days. Insiders own 0.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on KO. JPMorgan Chase & Co. increased their target price on CocaCola from $74.00 to $78.00 and gave the stock an “overweight” rating in a research report on Monday, April 21st. UBS Group increased their target price on CocaCola from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Piper Sandler increased their target price on CocaCola from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Morgan Stanley reissued an “overweight” rating and issued a $81.00 target price on shares of CocaCola in a research report on Monday, June 9th. Finally, Royal Bank Of Canada increased their target price on CocaCola from $73.00 to $76.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $76.00.

CocaCola Stock Performance

CocaCola stock opened at $69.61 on Wednesday. The stock’s 50 day moving average is $71.60 and its 200 day moving average is $67.95. The company has a quick ratio of 0.89, a current ratio of 1.10 and a debt-to-equity ratio of 1.57. CocaCola Company has a twelve month low of $60.62 and a twelve month high of $74.38. The company has a market capitalization of $299.61 billion, a P/E ratio of 27.84, a PEG ratio of 3.70 and a beta of 0.46.

CocaCola (NYSE:KO) last issued its earnings results on Tuesday, April 29th. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.71 by $0.02. CocaCola had a return on equity of 45.49% and a net margin of 23.00%. The business had revenue of $11.13 billion for the quarter, compared to the consensus estimate of $11.23 billion. During the same period last year, the business posted $0.72 EPS. The company’s revenue was down .7% compared to the same quarter last year. On average, equities research analysts predict that CocaCola Company will post 2.96 earnings per share for the current fiscal year.

CocaCola Dividend Announcement

The company 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 $0.51 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.93%. CocaCola’s dividend payout ratio (DPR) is currently 81.60%.

CocaCola 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.