The Coca-Cola Company (NYSE:KO) Shares Sold by Benin Management CORP

Benin Management CORP lowered its stake in shares of The Coca-Cola Company (NYSE:KO) by 7.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,774 shares of the company’s stock after selling 283 shares during the quarter. Benin Management CORP’s holdings in Coca-Cola were worth $271,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in Coca-Cola by 21.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock valued at $3,016,023,000 after acquiring an additional 8,733,326 shares during the period. Legal & General Group Plc lifted its stake in shares of Coca-Cola by 2.9% in the 2nd quarter. Legal & General Group Plc now owns 38,701,876 shares of the company’s stock valued at $2,463,373,000 after purchasing an additional 1,084,475 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Coca-Cola by 1.1% during the 2nd quarter. Truist Financial Corp now owns 16,362,598 shares of the company’s stock worth $1,041,479,000 after purchasing an additional 177,241 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Coca-Cola by 30.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 12,698,984 shares of the company’s stock worth $776,924,000 after purchasing an additional 2,964,850 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Coca-Cola by 15.7% in the first quarter. Canada Pension Plan Investment Board now owns 10,433,875 shares of the company’s stock valued at $638,344,000 after buying an additional 1,417,930 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Citigroup boosted their price objective on shares of Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley upped their price target on shares of Coca-Cola from $70.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Truist Financial raised their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Bank of America upped their target price on Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Finally, StockNews.com downgraded Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Coca-Cola Stock Down 1.2 %

Shares of KO stock traded down $0.87 during mid-day trading on Monday, reaching $69.57. 3,754,901 shares of the company were exchanged, compared to its average volume of 13,119,223. The company has a market capitalization of $299.70 billion, a P/E ratio of 27.90, a P/E/G ratio of 3.92 and a beta of 0.60. The business’s 50 day simple moving average is $70.70 and its 200 day simple moving average is $65.80. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08. The Coca-Cola Company has a fifty-two week low of $54.04 and a fifty-two week high of $73.53.

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

Coca-Cola Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s payout ratio is currently 77.60%.

Insiders Place Their Bets

In related news, EVP Nancy Quan sold 18,484 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $15,968,095. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Coca-Cola news, CEO James Quincey sold 102,533 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total value of $7,179,360.66. Following the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $30,987,070.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $15,968,095. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 356,792 shares of company stock valued at $24,728,364 in the last quarter. Insiders own 0.97% of the company’s stock.

Coca-Cola Company 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.