Connor Clark & Lunn Investment Management Ltd. Purchases 287,167 Shares of The Coca-Cola Company (NYSE:KO)

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of The Coca-Cola Company (NYSE:KO) by 105.5% in the third quarter, HoldingsChannel reports. The fund owned 559,316 shares of the company’s stock after buying an additional 287,167 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Coca-Cola were worth $40,192,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. New Millennium Group LLC acquired a new stake in Coca-Cola during the 2nd quarter worth $26,000. Quarry LP acquired a new stake in Coca-Cola in the second quarter worth $27,000. Hara Capital LLC acquired a new position in shares of Coca-Cola in the 3rd quarter valued at $35,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Coca-Cola during the 3rd quarter worth $36,000. Finally, Mount Lucas Management LP bought a new position in Coca-Cola during the second quarter worth about $38,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insider Activity at Coca-Cola

In other news, CEO James Quincey sold 42,397 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $70.02, for a total transaction of $2,968,637.94. Following the completion of the sale, the chief executive officer now owns 442,546 shares in the company, valued at $30,987,070.92. The trade was a 8.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $15,968,095. The trade was a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 160,881 shares of company stock worth $10,693,244. Insiders own 0.97% of the company’s stock.

Coca-Cola Trading Up 1.2 %

Coca-Cola stock opened at $62.58 on Wednesday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The stock has a 50-day simple moving average of $68.25 and a 200 day simple moving average of $66.55. The stock has a market capitalization of $269.58 billion, a P/E ratio of 25.86, a PEG ratio of 3.75 and a beta of 0.61. The Coca-Cola Company has a 52 week low of $56.96 and a 52 week high of $73.53.

Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The business had revenue of $11.85 billion for the quarter, compared to analysts’ expectations of $11.61 billion. During the same quarter in the prior year, the business earned $0.74 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. Analysts expect that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, November 29th. Coca-Cola’s payout ratio is 80.17%.

Wall Street Analyst Weigh In

KO has been the topic of several recent analyst reports. Truist Financial lifted their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Barclays reduced their target price on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Morgan Stanley dropped their price target on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Citigroup increased their price objective on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $72.36.

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.