Gabelli Funds LLC Reduces Stake in CocaCola Company (The) $KO

Gabelli Funds LLC reduced its stake in shares of CocaCola Company (The) (NYSE:KO) by 4.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 289,605 shares of the company’s stock after selling 12,910 shares during the period. Gabelli Funds LLC’s holdings in CocaCola were worth $20,490,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of KO. Vanguard Group Inc. boosted its holdings in CocaCola by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 367,441,971 shares of the company’s stock worth $25,996,519,000 after buying an additional 6,241,163 shares during the period. Perigon Wealth Management LLC boosted its holdings in shares of CocaCola by 3.6% in the second quarter. Perigon Wealth Management LLC now owns 130,164 shares of the company’s stock worth $9,209,000 after acquiring an additional 4,469 shares during the period. Aberdeen Group plc grew its position in shares of CocaCola by 5.0% in the second quarter. Aberdeen Group plc now owns 4,557,668 shares of the company’s stock valued at $322,455,000 after purchasing an additional 216,752 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of CocaCola by 6.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 30,889,415 shares of the company’s stock valued at $2,212,300,000 after purchasing an additional 1,794,561 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in CocaCola during the 2nd quarter worth about $22,443,000. Institutional investors own 70.26% of the company’s stock.

Insider Activity

In other news, COO Henrique Braun sold 40,390 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $70.93, for a total transaction of $2,864,862.70. Following the transaction, the chief operating officer directly owned 62,621 shares in the company, valued at approximately $4,441,707.53. This represents a 39.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Max R. Levchin bought 7,206 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The stock was purchased at an average price of $69.87 per share, with a total value of $503,483.22. Following the transaction, the director directly owned 14,267 shares in the company, valued at $996,835.29. The trade was a 102.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders sold 225,252 shares of company stock worth $15,953,007. 0.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on KO shares. Evercore ISI reaffirmed an “outperform” rating on shares of CocaCola in a report on Tuesday, October 21st. Wells Fargo & Company raised their price objective on shares of CocaCola from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday, October 22nd. Cowen reaffirmed a “buy” rating on shares of CocaCola in a research note on Wednesday, October 22nd. Piper Sandler increased their target price on shares of CocaCola from $80.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 22nd. Finally, Bank of America raised their price target on shares of CocaCola from $78.00 to $80.00 and gave the company a “buy” rating in a report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating and sixteen have given a Buy rating to the company. According to MarketBeat.com, CocaCola currently has a consensus rating of “Buy” and a consensus price target of $78.43.

CocaCola Price Performance

KO stock opened at $69.94 on Monday. The firm has a 50 day simple moving average of $69.49 and a two-hundred day simple moving average of $69.53. The stock has a market cap of $300.85 billion, a PE ratio of 23.16, a P/E/G ratio of 3.89 and a beta of 0.39. CocaCola Company has a one year low of $60.62 and a one year high of $74.38. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.21 and a quick ratio of 1.00.

CocaCola (NYSE:KO) last posted its quarterly earnings data on Thursday, March 27th. The company reported $0.55 earnings per share (EPS) for the quarter. CocaCola had a net margin of 27.34% and a return on equity of 43.62%. The company had revenue of $11.40 billion during the quarter. On average, analysts predict that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, December 1st. CocaCola’s dividend payout ratio is presently 67.55%.

CocaCola 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.