1832 Asset Management L.P. has reduced its stake in the Coca-Cola Company (NYSE: KO) by 2.9% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. Following the sale of 111,123 shares, the company now holds 3,674,856 shares, valued at approximately $259.996 million.
This decision reflects a broader trend among institutional investors, many of whom have adjusted their positions in Coca-Cola. For instance, Vanguard Group Inc. increased its holdings by 1.7% during the same period, now owning 367,441,971 shares, valued at $25.997 billion. Additionally, Perigon Wealth Management LLC raised its stake by 3.6%, acquiring an additional 4,469 shares to bring its total to 130,164 shares, worth approximately $9.209 million.
Investment by other major players has also been notable. UBS AM, a unit of UBS Asset Management Americas LLC, increased its stake in Coca-Cola by 6.2% during the first quarter, now owning 30,889,415 shares valued at $2.212 billion. Moreover, the Virginia Retirement Systems acquired a new position in Coca-Cola during the second quarter, valued at $22.443 million. Overall, institutional investors and hedge funds collectively own approximately 70.26% of Coca-Cola’s stock.
Insider Activity and Stock Performance
In recent insider transactions, Henrique Braun, the Chief Operating Officer of Coca-Cola, sold 40,390 shares on November 11, 2023, at an average price of $70.93, totaling approximately $2.865 million. After this sale, his remaining shares are valued at around $4.442 million, marking a significant decrease of 39.21% in his ownership. This sale was disclosed in a filing with the Securities and Exchange Commission.
Conversely, Max R. Levchin, a director at Coca-Cola, increased his stake by purchasing 7,206 shares on October 24, 2023, for a total cost of approximately $503,483. Following this acquisition, Levchin now owns 14,267 shares valued at about $996,835, reflecting a substantial increase of 102.05% in his position. Recent insider trading data indicates that in the last three months, insiders sold a total of 225,252 shares valued at approximately $15.953 million.
Analyst Ratings and Company Performance
Analyzing Coca-Cola from an investment perspective, multiple research analysts have issued varying ratings. Barclays reaffirmed an “overweight” rating, while UBS Group adjusted its price target from $84.00 to $80.00 with a “buy” rating in a recently released report. Bank of America raised its price objective from $78.00 to $80.00, maintaining a “buy” rating as well.
Market data shows that Coca-Cola has received a consensus rating of “Buy” with an average target price of $78.43. The company’s stock opened at $70.70 on Wednesday, reflecting a market capitalization of $304.13 billion and a price-to-earnings (P/E) ratio of 23.41. Over the past year, Coca-Cola’s stock has fluctuated between a low of $60.62 and a high of $74.38.
On the financial front, Coca-Cola announced a quarterly dividend of $0.51 per share, set to be paid on December 15, 2023. This dividend will benefit stockholders on record as of December 1, 2023. The annualized dividend equates to $2.04, yielding approximately 2.9%. The company’s current dividend payout ratio stands at 67.55%.
The Coca-Cola Company, a leading beverage manufacturer, offers a diverse range of non-alcoholic beverages globally, including soft drinks, water, sports drinks, coffee, tea, juices, and plant-based beverages. This broad portfolio positions the company as a key player within the global beverage market.
