The Coca-Cola Company (NYSE:KO) is Galvin Gaustad & Stein LLC’s 5th Largest Position

09 Nov 2024, 17:06 by Teresa Graham · The Cerbat Gem

Galvin Gaustad & Stein LLC reduced its position in shares of The Coca-Cola Company (NYSE:KO – Free Report) by 1.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 431,463 shares of the company’s stock after selling 4,726 shares during the period. Coca-Cola comprises about 2.8% of Galvin Gaustad & Stein LLC’s holdings, making the stock its 5th largest holding. Galvin Gaustad & Stein LLC’s holdings in Coca-Cola were worth $31,005,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. New Millennium Group LLC purchased a new position in Coca-Cola in the second quarter valued at $26,000. Quarry LP purchased a new position in Coca-Cola in the second quarter valued at $27,000. ESL Trust Services LLC purchased a new position in Coca-Cola in the first quarter valued at $28,000. Hara Capital LLC purchased a new position in Coca-Cola in the third quarter valued at $35,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in Coca-Cola in the third quarter valued at $36,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Hsbc Global Res upgraded Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Wells Fargo & Company raised their price target on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Cfra restated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Morgan Stanley cut their price target on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, Citigroup raised their price target on Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.80.

Check Out Our Latest Stock Report on Coca-Cola

Coca-Cola Stock Performance

Shares of KO stock opened at $63.96 on Friday. The stock has a market capitalization of $275.53 billion, a PE ratio of 26.43, a price-to-earnings-growth ratio of 3.87 and a beta of 0.61. The Coca-Cola Company has a 52-week low of $56.06 and a 52-week high of $73.53. The stock’s 50-day moving average price is $69.56 and its 200 day moving average price is $66.44. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO – Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.03. The firm had revenue of $11.85 billion for the quarter, compared to analysts’ expectations of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The firm’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 EPS. As a group, equities research analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 3.03%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is presently 80.17%.

Insider Activity at Coca-Cola

In related news, CEO James Quincey sold 102,533 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was 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 in the company, valued at $30,987,070.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Coca-Cola news, CEO James Quincey sold 102,533 shares of Coca-Cola stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 owns 442,546 shares of the company’s stock, valued at approximately $30,987,070.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lisa Chang sold 40,334 shares of Coca-Cola stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 in the company, valued at $5,150,619.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 203,748 shares of company stock worth $14,274,431 in the last quarter. Company insiders own 0.97% of the company’s stock.

About Coca-Cola

(Free Report)

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.