In a recent filing with the Securities and Exchange Commission, 1832 Asset Management L.P. reported a 2.9% reduction in its holdings of Coca-Cola Company (NYSE:KO). The institutional investor sold 111,123 shares, leaving it with 3,674,856 shares valued at approximately $259,996,000. This adjustment reflects ongoing changes in the investment landscape, with other institutional investors also altering their positions in the beverage giant.
Vanguard Group Inc. made headlines by increasing its stake in Coca-Cola by 1.7% during the same quarter. The firm now holds 367,441,971 shares, worth around $25,996,519,000, after acquiring an additional 6,241,163 shares. Similarly, Perigon Wealth Management LLC raised its holdings by 3.6%, now owning 130,164 shares valued at $9,209,000.
Another notable change came from UBS Asset Management Americas LLC, which increased its stake by 6.2%, resulting in ownership of 30,889,415 shares worth $2,212,300,000. Additionally, the Virginia Retirement Systems established a new position valued at $22,443,000 during this period. Institutional investors collectively own approximately 70.26% of Coca-Cola’s stock.
Insider Transactions and Analyst Ratings
In related news, on November 11, Henrique Braun, the Chief Operating Officer of Coca-Cola, sold 40,390 shares at an average price of $70.93, totaling around $2,864,862.70. Following this transaction, Braun’s ownership decreased by 39.21%, leaving him with 62,621 shares valued at approximately $4,441,707.53. Conversely, Max R. Levchin, a director at Coca-Cola, acquired 7,206 shares on October 24, valued at $503,483.22, which represents a significant increase of 102.05% in his holdings.
Over the last three months, insider sales amounted to 225,252 shares, worth around $15,953,007, while insiders currently own 0.97% of the company.
Analysts have also weighed in on Coca-Cola’s performance. Barclays reaffirmed an “overweight” rating on October 23, while UBS Group adjusted its price target from $84.00 to $80.00 with a “buy” rating. Bank of America raised its price objective from $78.00 to $80.00, maintaining a “buy” rating. The consensus rating among analysts is a “Buy,” with an average target price of $78.43 according to MarketBeat.com.
Coca-Cola’s Market Performance
Coca-Cola’s stock opened at $70.70 on Wednesday, contributing to a market capitalization of $304.13 billion. The company has a price-to-earnings (P/E) ratio of 23.41 and a PEG ratio of 3.57. Over the past year, Coca-Cola’s stock has fluctuated between a low of $60.62 and a high of $74.38.
Coca-Cola recently announced a quarterly dividend of $0.51, set to be paid on December 15. Shareholders on record as of December 1 will receive this dividend, which translates to an annualized yield of 2.9%. The company’s dividend payout ratio stands at 67.55%.
As a global leader in the beverage industry, Coca-Cola manufactures and markets a diverse range of non-alcoholic drinks, including sparkling soft drinks, water, tea, juice, and plant-based beverages. The company’s extensive offerings cater to a wide audience, solidifying its position in markets worldwide.
