Davis Capital Management Buys 214 Shares of The Coca-Cola Company (NYSE:KO)

Davis Capital Management boosted its stake in The Coca-Cola Company (NYSE:KO) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,130 shares of the company’s stock after buying an additional 214 shares during the period. Coca-Cola accounts for approximately 1.6% of Davis Capital Management’s portfolio, making the stock its 14th largest position. Davis Capital Management’s holdings in Coca-Cola were worth $2,021,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. IMPACTfolio LLC purchased a new stake in Coca-Cola in the third quarter worth about $200,000. First Financial Bank Trust Division grew its stake in shares of Coca-Cola by 3.8% in the 3rd quarter. First Financial Bank Trust Division now owns 12,487 shares of the company’s stock worth $897,000 after buying an additional 459 shares during the last quarter. Mattson Financial Services LLC bought a new position in Coca-Cola during the 2nd quarter valued at approximately $2,636,000. Ashburton Jersey Ltd bought a new position in Coca-Cola during the 2nd quarter valued at approximately $828,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in Coca-Cola by 84.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,007,300 shares of the company’s stock valued at $64,115,000 after buying an additional 460,453 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Coca-Cola Price Performance

Shares of NYSE:KO opened at $71.01 on Thursday. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $305.91 billion, a PE ratio of 28.40, a price-to-earnings-growth ratio of 3.97 and a beta of 0.60. The firm’s 50 day moving average price is $70.20 and its 200-day moving average price is $64.98. The Coca-Cola Company has a twelve month low of $51.55 and a twelve month high of $73.53.

Coca-Cola (NYSE:KO) last issued its quarterly earnings results 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 business 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%. The company’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.78 EPS. Equities research analysts expect that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were paid a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend was Friday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is currently 77.60%.

Insider Activity

In related news, 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 value of $553,722,575.00. Following the completion of the sale, the insider now directly owns 1,883,546 shares of the company’s stock, valued at approximately $1,742,280,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Cola Co Coca sold 598,619 shares of Coca-Cola stock in a transaction 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 approximately $1,742,280,050. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO James Quincey sold 102,533 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 442,546 shares in the company, valued at $30,987,070.92. The disclosure for this sale can be found here. Insiders have sold a total of 974,715 shares of company stock valued at $579,704,927 in the last ninety days. Corporate insiders own 0.97% of the company’s stock.

Analysts Set New Price Targets

KO has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. StockNews.com downgraded shares of Coca-Cola from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Morgan Stanley boosted their price objective on shares of Coca-Cola from $70.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Barclays increased their target price on Coca-Cola from $69.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Citigroup boosted their price target on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Coca-Cola presently has an average rating of “Moderate Buy” and an average price target 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.