M&G Plc Sells 46,074 Shares of The Coca-Cola Company (NYSE:KO)

M&G Plc trimmed its holdings in The Coca-Cola Company (NYSE:KO) by 1.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,529,117 shares of the company’s stock after selling 46,074 shares during the quarter. Coca-Cola makes up approximately 1.0% of M&G Plc’s holdings, making the stock its 23rd biggest position. M&G Plc’s holdings in Coca-Cola were worth $161,863,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Tidemark LLC purchased a new stake in shares of Coca-Cola during the 4th quarter worth approximately $26,000. Private Wealth Management Group LLC purchased a new stake in shares of Coca-Cola during the 4th quarter worth approximately $27,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Coca-Cola during the 1st quarter worth approximately $28,000. ESL Trust Services LLC purchased a new stake in shares of Coca-Cola during the 1st quarter worth approximately $28,000. Finally, Criterion Capital Advisors LLC purchased a new stake in Coca-Cola during the 4th quarter valued at $30,000. 70.26% of the stock is currently owned by institutional investors.

Coca-Cola Stock Up 0.4 %

Shares of KO traded up $0.29 during midday trading on Tuesday, reaching $68.46. 9,875,315 shares of the stock were exchanged, compared to its average volume of 13,059,503. The Coca-Cola Company has a 52 week low of $51.55 and a 52 week high of $69.67. The company’s 50 day moving average is $64.73 and its two-hundred day moving average is $62.15. The company has a market capitalization of $294.92 billion, a P/E ratio of 27.36, a PEG ratio of 3.80 and a beta of 0.59. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39.

Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The company had revenue of $12.40 billion for the quarter, compared to the consensus estimate of $11.78 billion. During the same quarter last year, the company earned $0.78 earnings per share. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts anticipate that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Friday, September 13th. Coca-Cola’s payout ratio is currently 77.60%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on KO. Truist Financial increased their price target on Coca-Cola from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Wells Fargo & Company increased their price target on Coca-Cola from $70.00 to $73.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. TD Cowen increased their target price on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Royal Bank of Canada increased their target price on Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, Citigroup increased their target price on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Coca-Cola has an average rating of “Moderate Buy” and a consensus price target of $70.20.

Insider Activity at Coca-Cola

In related news, EVP Nancy Quan sold 18,482 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the sale, the executive vice president now owns 223,330 shares of the company’s stock, valued at $15,398,603.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Coca-Cola news, EVP Nancy Quan sold 18,482 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $68.95, for a total value of $1,274,333.90. Following the completion of the sale, the executive vice president now owns 223,330 shares of the company’s stock, valued at $15,398,603.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Cola Co Coca sold 598,619 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $925.00, for a total value of $553,722,575.00. Following the completion of the sale, the insider now directly owns 1,883,546 shares of the company’s stock, valued at approximately $1,742,280,050. The disclosure for this sale can be found here. Insiders have sold a total of 928,460 shares of company stock valued at $575,312,245 over the last quarter. 0.97% of the stock is owned by corporate insiders.

About Coca-Cola

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.