The Coca-Cola Company (NYSE:KO) Stock Position Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in The Coca-Cola Company (NYSE:KO) by 5.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 850,802 shares of the company’s stock after acquiring an additional 46,541 shares during the quarter. CIBC Asset Management Inc’s holdings in Coca-Cola were worth $61,122,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Coca-Cola by 6.2% in the first quarter. Brighton Jones LLC now owns 35,478 shares of the company’s stock worth $2,171,000 after acquiring an additional 2,068 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in Coca-Cola by 3.1% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 26,543 shares of the company’s stock valued at $1,624,000 after purchasing an additional 808 shares during the period. M&G Plc bought a new position in Coca-Cola during the 1st quarter worth $157,087,000. Mizuho Markets Americas LLC increased its position in Coca-Cola by 108.7% in the first quarter. Mizuho Markets Americas LLC now owns 169,661 shares of the company’s stock worth $10,380,000 after buying an additional 88,371 shares during the period. Finally, Councilmark Asset Management LLC bought a new stake in Coca-Cola in the first quarter valued at $598,000. 70.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on KO shares. Morgan Stanley lowered their price target on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. StockNews.com lowered shares of Coca-Cola from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Barclays reduced their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Truist Financial raised their target price on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, TD Cowen boosted their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Coca-Cola currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.36.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the completion of the transaction, the chief executive officer now owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This trade represents a 22.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Lisa Chang sold 40,334 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $69.54, for a total value of $2,804,826.36. Following the completion of the sale, the executive vice president now directly owns 74,067 shares of the company’s stock, valued at approximately $5,150,619.18. This represents a 35.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 303,748 shares of company stock worth $20,677,431 in the last quarter. 0.97% of the stock is owned by company insiders.

Coca-Cola Stock Performance

NYSE:KO opened at $62.55 on Friday. The company has a 50-day moving average of $68.99 and a 200-day moving average of $66.51. The firm has a market cap of $269.43 billion, a price-to-earnings ratio of 25.85, a price-to-earnings-growth ratio of 3.83 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The Coca-Cola Company has a twelve month low of $56.70 and a twelve month high of $73.53.

Coca-Cola (NYSE:KO) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. The firm had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.61 billion. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period last year, the firm posted $0.74 earnings per share. 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 Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s dividend payout ratio is 80.17%.

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.