Westhampton Capital LLC Sells 1,200 Shares of CocaCola Company (The) (NYSE:KO)

Westhampton Capital LLC reduced its holdings in CocaCola Company (The) (NYSE:KO) by 5.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,438 shares of the company’s stock after selling 1,200 shares during the quarter. Westhampton Capital LLC’s holdings in CocaCola were worth $1,607,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in KO. Norges Bank bought a new stake in CocaCola in the fourth quarter worth approximately $3,402,151,000. Capital International Investors increased its holdings in shares of CocaCola by 96.0% during the fourth quarter. Capital International Investors now owns 24,949,194 shares of the company’s stock valued at $1,553,337,000 after acquiring an additional 12,222,885 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of CocaCola 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 acquiring an additional 11,569,920 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of CocaCola during the fourth quarter valued at approximately $500,192,000. Finally, Franklin Resources Inc. increased its holdings in shares of CocaCola by 21.9% during the fourth quarter. Franklin Resources Inc. now owns 34,103,772 shares of the company’s stock valued at $2,123,301,000 after acquiring an additional 6,118,819 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. UBS Group boosted their price objective on CocaCola from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Morgan Stanley restated an “overweight” rating and set a $81.00 price objective on shares of CocaCola in a report on Monday, June 9th. Cfra Research raised CocaCola to a “strong-buy” rating in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lifted their target price on CocaCola from $74.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday, April 21st. Finally, Piper Sandler lifted their target price on CocaCola from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, CocaCola currently has an average rating of “Buy” and an average price target of $76.00.

CocaCola Stock Down 0.5%

KO stock opened at $68.84 on Friday. The stock’s fifty day simple moving average is $71.50 and its two-hundred day simple moving average is $68.07. The company has a current ratio of 1.10, a quick ratio of 0.89 and a debt-to-equity ratio of 1.57. CocaCola Company has a 1-year low of $60.62 and a 1-year high of $74.38. The stock has a market cap of $296.32 billion, a P/E ratio of 27.54, a P/E/G ratio of 3.61 and a beta of 0.46.

CocaCola (NYSE:KO) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.73 earnings per share for the quarter, topping 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 analysts’ expectations of $11.23 billion. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The business’s revenue was down .7% on a year-over-year basis. Analysts expect that CocaCola Company will post 2.96 EPS for the current 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 given a dividend of $0.51 per share. The ex-dividend date is Friday, June 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.96%. CocaCola’s dividend payout ratio is presently 81.60%.

Insider Activity

In related news, CEO James Quincey sold 266,403 shares of the stock in a transaction dated Friday, May 30th. The stock was 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 owns 275,946 shares of the company’s stock, valued at approximately $19,884,668.76. This represents a 49.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John Murphy sold 88,658 shares of the 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 sale, the chief financial officer now directly owns 205,511 shares in the company, valued at $14,815,287.99. This trade represents a 30.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 415,387 shares of company stock valued at $29,923,985 in the last 90 days. Insiders own 0.97% of the company’s stock.

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.