Fullerton Fund Management Co Ltd. Has $22.72 Million Holdings in The Coca-Cola Company (NYSE:KO)

06 Dec 2023, 11:24 by Scott Moore · The Cerbat Gem

Fullerton Fund Management Co Ltd. cut its stake in The Coca-Cola Company (NYSE:KO – Free Report) by 37.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 377,274 shares of the company’s stock after selling 223,489 shares during the quarter. Coca-Cola accounts for about 1.6% of Fullerton Fund Management Co Ltd.’s portfolio, making the stock its 24th biggest position. Fullerton Fund Management Co Ltd.’s holdings in Coca-Cola were worth $22,719,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of KO. Mirabella Financial Services LLP purchased a new stake in shares of Coca-Cola during the 2nd quarter worth approximately $1,116,000. Providence Capital Advisors LLC grew its position in Coca-Cola by 1.4% in the second quarter. Providence Capital Advisors LLC now owns 43,642 shares of the company’s stock worth $2,628,000 after acquiring an additional 620 shares in the last quarter. KMG Fiduciary Partners LLC boosted its holdings in shares of Coca-Cola by 10.6% in the 2nd quarter. KMG Fiduciary Partners LLC now owns 160,172 shares of the company’s stock worth $9,646,000 after purchasing an additional 15,389 shares in the last quarter. Avion Wealth lifted its holdings in shares of Coca-Cola by 73.9% in the 2nd quarter. Avion Wealth now owns 781 shares of the company’s stock worth $46,000 after acquiring an additional 332 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Coca-Cola by 13.2% in the second quarter. Quantinno Capital Management LP now owns 84,095 shares of the company’s stock worth $5,064,000 after purchasing an additional 9,800 shares during the last quarter. 68.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

KO has been the subject of several analyst reports. StockNews.com cut Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, October 13th. Citigroup dropped their price target on shares of Coca-Cola from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, October 11th. Morgan Stanley dropped their price target on shares of Coca-Cola from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, October 25th. JPMorgan Chase & Co. raised their target price on Coca-Cola from $59.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 25th. Finally, Barclays cut their target price on Coca-Cola from $70.00 to $59.00 and set an “overweight” rating on the stock in a research note on Thursday, October 12th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Coca-Cola has a consensus rating of “Moderate Buy” and an average target price of $66.20.

View Our Latest Stock Analysis on KO

Coca-Cola Stock Down 0.3 %

Shares of NYSE KO traded down $0.20 during mid-day trading on Wednesday, hitting $58.46. 3,192,379 shares of the stock traded hands, compared to its average volume of 13,546,675. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.97 and a current ratio of 1.14. The Coca-Cola Company has a 52 week low of $51.55 and a 52 week high of $64.99. The company has a market cap of $252.75 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 3.54 and a beta of 0.58. The stock has a fifty day moving average price of $56.12 and a 200-day moving average price of $58.87.

Coca-Cola (NYSE:KO – Get Free Report) last announced its earnings results on Tuesday, October 24th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.05. Coca-Cola had a net margin of 23.92% and a return on equity of 42.44%. The firm had revenue of $11.95 billion for the quarter, compared to analysts’ expectations of $11.45 billion. Research analysts anticipate that The Coca-Cola Company will post 2.68 EPS for the current year.

Coca-Cola Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Thursday, November 30th. Coca-Cola’s payout ratio is currently 73.90%.

Insider Transactions at Coca-Cola

In other Coca-Cola news, SVP Beatriz R. Perez sold 20,534 shares of the business’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $56.12, for a total value of $1,152,368.08. Following the sale, the senior vice president now directly owns 143,383 shares of the company’s stock, valued at $8,046,653.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Beatriz R. Perez sold 20,534 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $56.12, for a total value of $1,152,368.08. Following the transaction, the senior vice president now owns 143,383 shares in the company, valued at $8,046,653.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Henrique Braun sold 52,696 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $56.97, for a total value of $3,002,091.12. Following the completion of the transaction, the senior vice president now directly owns 26,272 shares in the company, valued at $1,496,715.84. The disclosure for this sale can be found here. Insiders have sold a total of 349,316 shares of company stock valued at $19,716,506 in the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

About Coca-Cola

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