Lazard Asset Management LLC Sells 444,539 Shares of CocaCola Company (The) $KO

Lazard Asset Management LLC reduced its position in CocaCola Company (The) (NYSE:KO) by 5.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,512,531 shares of the company’s stock after selling 444,539 shares during the quarter. CocaCola accounts for approximately 0.8% of Lazard Asset Management LLC’s holdings, making the stock its 27th biggest holding. Lazard Asset Management LLC owned approximately 0.20% of CocaCola worth $602,260,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. 1248 Management LLC bought a new stake in shares of CocaCola during the 1st quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd increased its stake in CocaCola by 5,142.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 367 shares of the company’s stock worth $26,000 after purchasing an additional 360 shares during the period. GFG Capital LLC bought a new stake in shares of CocaCola during the second quarter worth $34,000. MMA Asset Management LLC bought a new stake in shares of CocaCola during the second quarter worth $34,000. Finally, Winnow Wealth LLC purchased a new stake in shares of CocaCola during the second quarter valued at $43,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

CocaCola Stock Performance

Shares of KO stock opened at $70.51 on Friday. The firm has a market cap of $303.29 billion, a price-to-earnings ratio of 23.35, a PEG ratio of 3.84 and a beta of 0.39. CocaCola Company has a 52-week low of $60.62 and a 52-week high of $74.38. The company has a quick ratio of 1.00, a current ratio of 1.21 and a debt-to-equity ratio of 1.30. The company’s 50 day moving average is $69.85 and its 200 day moving average is $69.50.

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

CocaCola Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Monica Howard Douglas sold 13,548 shares of CocaCola stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $69.93, for a total value of $947,411.64. Following the transaction, the executive vice president owned 37,725 shares of the company’s stock, valued at $2,638,109.25. The trade was a 26.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Henrique Braun sold 40,390 shares of the business’s stock in a transaction that occurred on 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 owned 62,621 shares of the company’s stock, valued at approximately $4,441,707.53. This trade represents a 39.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 225,252 shares of company stock valued at $15,953,007 in the last three months. 0.97% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. TD Cowen lifted their price objective on shares of CocaCola from $75.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 22nd. UBS Group reaffirmed a “buy” rating on shares of CocaCola in a research report on Friday, December 5th. Wells Fargo & Company lifted their price target on shares of CocaCola from $75.00 to $79.00 and gave the company an “overweight” rating in a research note on Wednesday, October 22nd. Barclays reissued an “overweight” rating on shares of CocaCola in a research note on Thursday, October 23rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of CocaCola in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the stock. Based on data from MarketBeat, CocaCola has a consensus rating of “Buy” and an average price target of $79.08.

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.