Canada Pension Plan Investment Board Sells 596,400 Shares of The Coca-Cola Company (NYSE:KO)

Canada Pension Plan Investment Board lessened its holdings in shares of The Coca-Cola Company (NYSE:KO) by 5.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,837,475 shares of the company’s stock after selling 596,400 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Coca-Cola were worth $626,155,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Focus Financial Network Inc. ADV purchased a new position in shares of Coca-Cola in the 4th quarter worth about $3,255,000. Swedbank AB purchased a new position in shares of Coca-Cola in the 1st quarter worth about $102,604,000. Angeles Investment Advisors LLC boosted its holdings in shares of Coca-Cola by 2.4% in the 4th quarter. Angeles Investment Advisors LLC now owns 15,812 shares of the company’s stock worth $932,000 after buying an additional 374 shares during the last quarter. Wealth Quarterback LLC boosted its holdings in shares of Coca-Cola by 3.2% in the 4th quarter. Wealth Quarterback LLC now owns 17,454 shares of the company’s stock worth $1,029,000 after buying an additional 537 shares during the last quarter. Finally, BDF Gestion purchased a new position in shares of Coca-Cola in the 2nd quarter worth about $7,421,000. Institutional investors own 70.26% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Cola Co Coca sold 598,619 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $925.00, for a total value of $553,722,575.00. Following the transaction, the insider now directly owns 1,883,546 shares in the company, valued at $1,742,280,050. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Coca-Cola news, EVP Nancy Quan sold 18,482 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the transaction, the executive vice president now directly owns 223,330 shares in the company, valued at $15,398,603.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Cola Co Coca sold 598,619 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the transaction, the insider now owns 1,883,546 shares in the company, valued at $1,742,280,050. The disclosure for this sale can be found here. Over the last three months, insiders have sold 974,715 shares of company stock worth $579,704,927. Insiders own 0.97% of the company’s stock.

Coca-Cola Stock Down 1.6 %

KO stock opened at $70.63 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39. The company’s 50 day moving average is $68.98 and its 200 day moving average is $64.22. The stock has a market cap of $304.27 billion, a price-to-earnings ratio of 28.25, a price-to-earnings-growth ratio of 3.93 and a beta of 0.60. The Coca-Cola Company has a 1-year low of $51.55 and a 1-year high of $73.53.

Coca-Cola (NYSE:KO) last posted 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 for the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. Coca-Cola’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 earnings per share. Sell-side analysts predict that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Friday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is 77.60%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Bank of America boosted their price target on shares of Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. StockNews.com downgraded shares of Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Royal Bank of Canada upped their price objective on shares of Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Wells Fargo & Company upped their price objective on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a report on Monday. Finally, TD Cowen upped their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.07.

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.