Corundum Group Inc. Boosts Position in The Coca-Cola Company (NYSE:KO)

Corundum Group Inc. increased its position in The Coca-Cola Company (NYSE:KO) by 72.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 18,098 shares of the company’s stock after acquiring an additional 7,623 shares during the quarter. Corundum Group Inc.’s holdings in Coca-Cola were worth $1,127,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC grew its stake in Coca-Cola by 13.7% in the 3rd quarter. FMR LLC now owns 92,961,376 shares of the company’s stock worth $6,680,205,000 after buying an additional 11,206,995 shares in the last quarter. Geode Capital Management LLC increased its stake in Coca-Cola by 3.3% in the third quarter. Geode Capital Management LLC now owns 92,957,028 shares of the company’s stock valued at $6,664,005,000 after acquiring an additional 2,966,964 shares during the last quarter. Legal & General Group Plc raised its position in Coca-Cola by 2.9% during the second quarter. Legal & General Group Plc now owns 38,701,876 shares of the company’s stock valued at $2,463,373,000 after purchasing an additional 1,084,475 shares in the last quarter. Wellington Management Group LLP raised its position in Coca-Cola by 14.5% during the third quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company’s stock valued at $2,271,885,000 after purchasing an additional 4,013,996 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in Coca-Cola by 6.1% during the third quarter. Franklin Resources Inc. now owns 27,984,953 shares of the company’s stock worth $1,990,407,000 after purchasing an additional 1,609,565 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Coca-Cola Price Performance

Shares of KO stock opened at $62.76 on Monday. The business’s fifty day moving average is $62.69 and its 200 day moving average is $66.43. The stock has a market cap of $270.34 billion, a price-to-earnings ratio of 25.93, a PEG ratio of 3.35 and a beta of 0.61. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53. The Coca-Cola Company has a twelve month low of $57.93 and a twelve month high of $73.53.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.61 billion. During the same quarter last year, the company earned $0.74 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. Research analysts expect that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Analysts Set New Price Targets

KO has been the topic of a number of recent research reports. Piper Sandler assumed coverage on shares of Coca-Cola in a research report on Tuesday, January 7th. They set an “overweight” rating and a $74.00 price target on the stock. Truist Financial raised their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised Coca-Cola from a “hold” rating to a “buy” rating and lifted their price target for the stock from $68.00 to $70.00 in a research note on Thursday, December 12th. Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Finally, TD Cowen upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Coca-Cola presently has an average rating of “Moderate Buy” and an average target price of $72.13.

Insider Buying and Selling

In other news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the transaction, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.97% of the stock is currently owned by company insiders.

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.