Geode Capital Management LLC Acquires 2,966,964 Shares of The Coca-Cola Company (NYSE:KO)

Geode Capital Management LLC boosted its holdings in The Coca-Cola Company (NYSE:KO) by 3.3% during the third quarter, HoldingsChannel.com reports. The fund owned 92,957,028 shares of the company’s stock after purchasing an additional 2,966,964 shares during the period. Coca-Cola accounts for 0.5% of Geode Capital Management LLC’s portfolio, making the stock its 24th largest holding. Geode Capital Management LLC’s holdings in Coca-Cola were worth $6,664,005,000 as of its most recent filing with the Securities & Exchange Commission.

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

Coca-Cola Price Performance

Shares of NYSE KO opened at $62.63 on Tuesday. The company has a fifty day moving average price of $66.03 and a 200 day moving average price of $66.61. The Coca-Cola Company has a 1-year low of $57.47 and a 1-year high of $73.53. The firm has a market cap of $269.80 billion, a PE ratio of 25.88, a PEG ratio of 3.80 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53.

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

Coca-Cola Announces Dividend

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

Insider Activity

In related news, CEO James Quincey sold 100,000 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $64.03, for a total value of $6,403,000.00. Following the completion of the sale, the chief executive officer now directly owns 342,546 shares in the company, valued at $21,933,220.38. The trade was a 22.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.97% of the stock is owned by insiders.

Analyst Ratings Changes

KO has been the topic of a number of research analyst reports. Morgan Stanley decreased their price objective on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Barclays cut their price target on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Truist Financial lifted their price objective on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Wells Fargo & Company cut their target price on shares of Coca-Cola from $78.00 to $75.00 and set an “overweight” rating on the stock in a research report on Monday, December 2nd. Finally, Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Coca-Cola presently has a consensus rating of “Moderate Buy” and an average price target of $72.14.

Coca-Cola Profile

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.