Alberta Investment Management Corp trimmed its position in shares of The Coca-Cola Company (NYSE: KO) by 92.2% during the second quarter, according to its most recent SEC filing. The institutional investor owned 7,700 shares after selling 91,360 shares during the quarter. Its holdings were valued at $545,000.
Several institutional investors also made changes to their positions in KO. Brighton Jones LLC increased its holdings by 13.3% in the fourth quarter to 39,072 shares valued at $2,433,000.
Revolve Wealth Partners LLC raised its position by 3.4% to 8,795 shares valued at $548,000. Jennison Associates LLC increased its stake by 170.9% in the first quarter to 71,881 shares valued at $5,148,000. Calton & Associates Inc. bought a new position worth $145,000. Teachers Retirement System of the State of Kentucky raised its position by 4.3% to 299,783 shares valued at $21,470,000. Institutional investors and hedge funds own 70.26% of the stock.
Shares of KO opened at $70.70 on Tuesday. Coca-Cola has a twelve-month low of $60.62 and a twelve-month 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 firm has a market capitalization of $304.12 billion, a P/E ratio of 23.41, a PEG ratio of 3.57 and a beta of 0.43.
Coca-Cola last posted its quarterly earnings on Thursday, March 27th, reporting earnings per share of $0.55. The company had a net margin of 27.34% and a return on equity of 43.62%. Revenue for the quarter was $11.40 billion. Analysts forecast that Coca-Cola will post 2.96 EPS for the current fiscal year.
The company also announced a quarterly dividend of $0.51 per share, payable on Monday, December 15th to investors of record on Monday, December 1st. This represents an annual dividend of $2.04 and a yield of 2.9%. The dividend payout ratio is 67.55%.
A number of research firms issued positive ratings on KO. Bank of America raised its target price from $78.00 to $80.00 and gave the stock a “buy” rating. Evercore ISI reiterated an “outperform” rating. Royal Bank of Canada set a $76.00 target price and an “outperform” rating. JPMorgan Chase & Co. raised its price target from $77.00 to $79.00 and gave an “overweight” rating. Weiss Ratings issued a “buy” rating. One analyst has rated the stock a Strong Buy and sixteen have rated it Buy, resulting in an average target price of $78.43.
In insider transactions, EVP Manuel Arroyo sold 139,689 shares at an average price of $70.80. COO Henrique Braun sold 40,390 shares at an average price of $70.93. Insiders sold a total of 193,627 shares worth $13,702,256 in the last quarter. Insiders own 0.97% of the stock.
The Coca-Cola Company manufactures and sells nonalcoholic beverages worldwide, including sparkling soft drinks, water, sports drinks, coffee, tea, juice, dairy, plant-based beverages, and beverage concentrates and syrups.
