Koshinski Asset Management Inc. has increased its holdings in the Coca-Cola Company (NYSE: KO) by 2.6% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The firm now owns 40,013 shares of the beverage giant’s stock after acquiring an additional 1,018 shares in the quarter, bringing the total value of their holdings to approximately $2.83 million.
Several other major investors have also adjusted their positions in Coca-Cola. Vanguard Group Inc. raised its stake by 0.3% in the first quarter, owning 361,200,808 shares valued at around $25.87 billion after purchasing an additional 1,114,422 shares. Wellington Management Group LLP made a significant move, increasing its stake by 52.7%, now holding 47,447,430 shares worth $3.40 billion following the acquisition of 16,383,870 shares.
UBS Asset Management Americas LLC also boosted its investment by 6.2%, owning 30,889,415 shares valued at $2.21 billion after acquiring 1,794,561 shares. Amundi increased its stake by 16.0% to own 21,236,315 shares, valued at approximately $1.55 billion. Additionally, Nuveen LLC entered a new position, investing $1.51 billion in Coca-Cola during the same period. Hedge funds and institutional investors collectively own 70.26% of the company’s stock.
Coca-Cola’s shares opened at $68.45 on the last trading day, reflecting a 1.3% increase. The company’s current ratio stands at 1.21, with a quick ratio of 0.98 and a debt-to-equity ratio of 1.49. Coca-Cola has a market capitalization of $294.60 billion, a price-to-earnings (P/E) ratio of 24.27, and a price-to-earnings-growth (PEG) ratio of 3.52. Over the past year, the stock has fluctuated between a low of $60.62 and a high of $74.38.
Coca-Cola also announced a quarterly dividend of $0.51 per share, set to be paid on December 15, 2023. Shareholders of record by December 1, 2023 will be eligible for this payment, which translates to an annualized dividend of $2.04 and a yield of 3.0%. The dividend payout ratio is currently 72.34%.
In terms of market analysis, several research firms have provided insights on Coca-Cola shares. Weiss Ratings reaffirmed a “buy (B-)” rating on October 8, 2023. UBS Group adjusted its price target for the stock from $84.00 to $80.00 while maintaining a “buy” rating. BNP Paribas has also reaffirmed an “outperform” rating with a target price of $83.00. JPMorgan Chase & Co. increased its target price from $77.00 to $79.00, rating it as “overweight.” Royal Bank of Canada set a target price of $76.00 with an “outperform” rating. Currently, one analyst has rated the stock as a Strong Buy, while fourteen others have assigned a Buy rating, resulting in an average rating of “Buy” and a consensus target price of $76.69.
In other developments, insider Nikolaos Koumettis sold 37,396 shares on August 5, 2023, at an average price of $69.10, totaling $2.58 million. Post-sale, Koumettis retains 209,513 shares valued at approximately $14.48 million, marking a 15.15% decrease in ownership. This transaction was disclosed in a legal filing with the Securities and Exchange Commission.
The Coca-Cola Company is a leading beverage manufacturer, offering a diverse range of non-alcoholic drinks worldwide, including soft drinks, water, sports beverages, coffee, tea, juices, and plant-based beverages.
