Toronto Dominion Bank Cuts Stock Holdings in The Coca-Cola Company (NYSE:KO)

Toronto Dominion Bank reduced its position in The Coca-Cola Company (NYSE:KO) by 6.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,843,796 shares of the company’s stock after selling 195,321 shares during the period. Toronto Dominion Bank’s holdings in Coca-Cola were worth $181,008,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New Millennium Group LLC bought a new position in shares of Coca-Cola during the second quarter valued at $26,000. Redmont Wealth Advisors LLC purchased a new position in Coca-Cola in the 1st quarter worth about $28,000. ESL Trust Services LLC bought a new position in Coca-Cola during the 1st quarter valued at about $28,000. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Coca-Cola by 65.0% during the 1st quarter. DiNuzzo Private Wealth Inc. now owns 523 shares of the company’s stock valued at $32,000 after acquiring an additional 206 shares during the last quarter. Finally, Mount Lucas Management LP bought a new stake in shares of Coca-Cola in the second quarter worth approximately $38,000. 70.26% of the stock is owned by institutional investors.

Insider Activity at Coca-Cola

In other Coca-Cola news, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction 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 sale, the insider now owns 1,883,546 shares in the company, valued at approximately $1,742,280,050. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Coca-Cola news, major shareholder Cola Co Coca sold 598,619 shares of Coca-Cola stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total value of $553,722,575.00. Following the sale, the insider now owns 1,883,546 shares of the company’s stock, valued at approximately $1,742,280,050. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO James Quincey sold 102,533 shares of the stock in a transaction that occurred on 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. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 974,715 shares of company stock valued at $579,704,927. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Stock Down 0.5 %

KO opened at $71.34 on Wednesday. The Coca-Cola Company has a fifty-two week low of $51.55 and a fifty-two week high of $73.53. 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 stock has a market cap of $307.47 billion, a price-to-earnings ratio of 28.54, a price-to-earnings-growth ratio of 3.97 and a beta of 0.60. The firm’s fifty day moving average is $69.44 and its 200 day moving average is $64.54.

Coca-Cola (NYSE:KO) last released its earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The firm had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. During the same quarter last year, the business posted $0.78 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. On average, sell-side analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.72%. Coca-Cola’s dividend payout ratio is 77.60%.

Analyst Ratings Changes

A number of brokerages recently weighed in on KO. Bank of America increased their price objective on shares of Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Truist Financial raised their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. StockNews.com cut Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Cfra reissued a “hold” rating on shares of Coca-Cola in a research report on Thursday, September 5th. Finally, Royal Bank of Canada upped their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Coca-Cola has an average rating of “Moderate Buy” and an average price target of $71.07.

About Coca-Cola

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.