1832 Asset Management L.P. decreased its stake in the Coca-Cola Company (NYSE: KO) by 2.9% during the second quarter of 2023. According to a filing with the Securities and Exchange Commission (SEC), the institutional investor now holds 3,674,856 shares after selling 111,123 shares during the period. This reduction reflects a total investment value of approximately $259.996 million as of the latest filing.
Several other institutional investors have also adjusted their positions in Coca-Cola recently. Vanguard Group Inc., for instance, raised its holdings by 1.7%, acquiring an additional 6,241,163 shares, bringing its total to 367,441,971 shares valued at approximately $25.997 billion. Similarly, Perigon Wealth Management LLC increased its stake in Coca-Cola by 3.6%, now owning 130,164 shares worth about $9.209 million.
Another significant player, UBS Asset Management, increased its investment by 6.2% in the first quarter, acquiring 1,794,561 additional shares for a total of 30,889,415 shares valued at $2.212 billion. The Virginia Retirement Systems also entered a new position in Coca-Cola, investing $22.443 million. Meanwhile, Roundview Capital LLC boosted its holdings by 9.1%, acquiring an additional 2,923 shares worth about $2.474 million. Overall, institutional investors and hedge funds own 70.26% of Coca-Cola’s stock.
Insider Transactions and Market Reactions
In related news, insider transactions have been notable. On November 11, Henrique Braun, Chief Operating Officer of Coca-Cola, sold 40,390 shares at an average price of $70.93, totaling approximately $2.865 million. Following this transaction, he holds 62,621 shares valued at about $4.442 million, which represents a decrease of 39.21% in his ownership. The sale was disclosed in an SEC filing, available for public access.
Conversely, Max R. Levchin, a member of the board of directors, acquired 7,206 shares on October 24 at an average price of $69.87, worth approximately $503,483. After this purchase, Levchin’s total holdings increased to 14,267 shares valued at around $996,835, marking a significant 102.05% increase in his position. Over the past three months, insiders have sold a total of 225,252 shares, equating to a value of about $15.953 million. Currently, insiders own 0.97% of the company’s stock.
Analyst Ratings and Financial Performance
Wall Street analysts have largely maintained a positive outlook on Coca-Cola. In a report dated October 23, Barclays reiterated an “overweight” rating for the stock. Meanwhile, UBS Group revised its price target from $84.00 to $80.00 while maintaining a “buy” rating. Bank of America also increased its price objective from $78.00 to $80.00, affirming a “buy” rating on November 7.
According to data from MarketBeat.com, Coca-Cola currently holds a consensus rating of “buy” with an average target price of $78.43. The company’s stock opened at $70.70 on Wednesday, boasting a market capitalization of $304.13 billion, a P/E ratio of 23.41, and a beta of 0.39. In the past year, Coca-Cola’s stock has fluctuated between a low of $60.62 and a high of $74.38.
Coca-Cola is also set to distribute a quarterly dividend of $0.51 per share on December 15, 2023, to shareholders recorded on December 1, representing an annualized yield of 2.9%. The dividend payout ratio currently stands at 67.55%.
The Coca-Cola Company is a global leader in the beverage sector, offering a diverse range of nonalcoholic drinks, including sparkling soft drinks, water, coffee, tea, and juices. As the company continues to adapt to market changes, investors are closely monitoring its performance and strategic decisions.
