Jmac Enterprises LLC Lowers Position in CocaCola Company (The) (NYSE:KO)

Jmac Enterprises LLC lowered its holdings in CocaCola Company (The) (NYSE:KO) by 65.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 13,000 shares of the company’s stock after selling 24,662 shares during the quarter. Jmac Enterprises LLC’s holdings in CocaCola were worth $931,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of KO. Norges Bank purchased a new stake in shares of CocaCola in the 4th quarter valued at about $3,402,151,000. Capital International Investors raised its holdings in shares of CocaCola by 96.0% in the 4th 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. raised its holdings in shares of CocaCola by 18.5% in 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 acquiring an additional 11,569,920 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of CocaCola in the 4th quarter valued at about $500,192,000. Finally, Franklin Resources Inc. raised its holdings in shares of CocaCola by 21.9% in the 4th 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. Hedge funds and other institutional investors own 70.26% of the company’s stock.

CocaCola Price Performance

KO opened at $68.84 on Monday. The stock’s 50 day simple moving average is $71.50 and its 200 day simple moving average is $68.11. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.10 and a quick ratio of 0.89. CocaCola Company has a 1 year low of $60.62 and a 1 year high of $74.38. The firm has a market cap of $296.32 billion, a price-to-earnings ratio of 27.54, a PEG ratio of 3.61 and a beta of 0.46.

CocaCola (NYSE:KO) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.73 earnings per share (EPS) 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 analyst estimates of $11.23 billion. During the same period last year, the company earned $0.72 EPS. CocaCola’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, analysts predict that CocaCola Company will post 2.96 earnings per share for the current year.

CocaCola Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a $0.51 dividend. The ex-dividend date of this dividend 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 currently 81.60%.

Insider Transactions at CocaCola

In other news, CEO James Quincey sold 266,403 shares of CocaCola stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $72.06, for a total value of $19,197,000.18. Following the sale, the chief executive officer now directly owns 275,946 shares in the company, valued at approximately $19,884,668.76. This trade represents a 49.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Beatriz R. Perez sold 60,326 shares of CocaCola stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $71.87, for a total value of $4,335,629.62. Following the sale, the executive vice president now owns 187,716 shares in the company, valued at $13,491,148.92. This represents a 24.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 415,387 shares of company stock worth $29,923,985. 0.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on KO shares. UBS Group raised their price target on CocaCola from $84.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, April 30th. Piper Sandler raised their price objective on CocaCola from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Cfra Research raised CocaCola to a “strong-buy” rating in a report on Tuesday, April 15th. Morgan Stanley reissued an “overweight” rating and set a $81.00 price objective on shares of CocaCola in a report on Monday, June 9th. Finally, JPMorgan Chase & Co. raised their price objective on CocaCola from $74.00 to $78.00 and gave the company an “overweight” rating in a report on Monday, April 21st. 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $76.00.

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.