1832 Asset Management L.P. has reduced its holdings in the Coca-Cola Company (NYSE: KO) by 2.9% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor sold 111,123 shares, bringing its total ownership to approximately 3,674,856 shares. This stake, valued at around $259.996 million, represents about 0.09% of Coca-Cola’s total shares.
Several other institutional investors have also adjusted their positions in Coca-Cola. Notably, Vanguard Group Inc. increased its holdings by 1.7%, acquiring an additional 6,241,163 shares. This brings Vanguard’s total to 367,441,971 shares, valued at approximately $25.997 billion. Additionally, Perigon Wealth Management LLC raised its stake by 3.6%, now holding 130,164 shares worth $9.209 million.
UBS Asset Management also made significant moves, boosting its stake by 6.2% in the first quarter, acquiring 1,794,561 shares, which now total 30,889,415 shares valued at around $2.212 billion. The Virginia Retirement Systems acquired a new position in the company valued at $22.443 million. Roundview Capital LLC also raised its holdings by 9.1% during the same quarter.
As of now, institutional investors and hedge funds collectively own 70.26% of Coca-Cola’s stock.
Insider Trading Activity
In related news, Coca-Cola’s Chief Operating Officer, Henrique Braun, sold 40,390 shares on November 11, 2023, at an average price of $70.93, totaling approximately $2.865 million. Following this transaction, Braun’s ownership decreased by 39.21%, leaving him with 62,621 shares valued at around $4.442 million.
Conversely, Director Max R. Levchin acquired 7,206 shares on October 24, 2023, at an average price of $69.87, amounting to about $503,483. This acquisition increased Levchin’s holdings by 102.05%, bringing his total to 14,267 shares valued at approximately $996,835.
In the past three months, insiders have sold a total of 225,252 shares worth $15.953 million. Currently, insiders own 0.97% of the company’s stock.
Analyst Ratings and Stock Performance
Coca-Cola has received positive feedback from several research analysts. Barclays reaffirmed an “overweight” rating on October 23, 2023. UBS Group has adjusted its price target, reducing it from $84.00 to $80.00, while maintaining a “buy” rating. On November 7, 2023, Bank of America raised its price objective from $78.00 to $80.00, also giving a “buy” rating.
Coca-Cola currently holds a consensus rating of “Buy” from analysts, with an average target price of $78.43. The company has had one analyst issue a “Strong Buy” rating and sixteen analysts recommend a “Buy” rating.
On the trading front, Coca-Cola shares opened at $70.70 on Wednesday, with a market capitalization of $304.13 billion. The stock has a price-to-earnings (P/E) ratio of 23.41 and a beta of 0.39. Over the past year, Coca-Cola’s stock has fluctuated between a low of $60.62 and a high of $74.38.
The company is also set to pay a quarterly dividend of $0.51 on December 15, 2023, to stockholders recorded by December 1, 2023. This dividend represents an annualized figure of $2.04 with a yield of 2.9%, reflecting a payout ratio of 67.55%.
Coca-Cola Company is a global leader in the beverage industry, producing a diverse range of non-alcoholic beverages, including sparkling soft drinks, juices, teas, and water. The company also supplies beverage concentrates and syrups to various retailers worldwide.
