Victory Capital Management Inc. Cuts Holdings in The Coca-Cola Company (NYSE:KO)

Victory Capital Management Inc. decreased its stake in The Coca-Cola Company (NYSE:KO) by 17.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,543,728 shares of the company’s stock after selling 332,491 shares during the period. Victory Capital Management Inc.’s holdings in Coca-Cola were worth $96,113,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Rice Partnership LLC raised its position in Coca-Cola by 7.1% in the fourth quarter. Rice Partnership LLC now owns 102,746 shares of the company’s stock worth $6,397,000 after acquiring an additional 6,793 shares during the period. Sheaff Brock Investment Advisors LLC raised its position in Coca-Cola by 104.9% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock worth $8,351,000 after acquiring an additional 59,503 shares during the period. Fiduciary Alliance LLC raised its position in Coca-Cola by 87.7% in the fourth quarter. Fiduciary Alliance LLC now owns 18,189 shares of the company’s stock worth $1,132,000 after acquiring an additional 8,499 shares during the period. CIBC Asset Management Inc raised its position in Coca-Cola by 5.8% in the third quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock worth $61,122,000 after acquiring an additional 46,541 shares during the period. Finally, Wellington Management Group LLP raised its position in Coca-Cola by 14.5% in the third quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company’s stock worth $2,271,885,000 after acquiring an additional 4,013,996 shares during the period. Institutional investors own 70.26% of the company’s stock.

Coca-Cola Stock Performance

NYSE KO opened at $70.38 on Friday. The Coca-Cola Company has a 1 year low of $57.93 and a 1 year high of $73.53. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.03 and a quick ratio of 0.84. The stock has a market capitalization of $302.71 billion, a PE ratio of 28.49, a P/E/G ratio of 3.79 and a beta of 0.61. The company’s 50 day simple moving average is $65.18 and its two-hundred day simple moving average is $66.58.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Tuesday, February 11th. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. Analysts predict that The Coca-Cola Company will post 2.96 earnings per share for the current fiscal year.

Coca-Cola Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, March 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.90%. This is a boost from Coca-Cola’s previous quarterly dividend of $0.49. Coca-Cola’s dividend payout ratio (DPR) is 82.59%.

Insider Activity

In related news, CEO James Quincey sold 145,435 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $71.01, for a total transaction of $10,327,339.35. Following the transaction, the chief executive officer now owns 342,546 shares of the company’s stock, valued at approximately $24,324,191.46. This trade represents a 29.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lisa Chang sold 13,445 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $71.50, for a total transaction of $961,317.50. Following the transaction, the executive vice president now directly owns 94,676 shares in the company, valued at approximately $6,769,334. This represents a 12.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 232,646 shares of company stock worth $16,515,469. 0.97% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on KO. Morgan Stanley lifted their price objective on shares of Coca-Cola from $76.00 to $78.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Royal Bank of Canada restated an “outperform” rating and set a $69.00 price target on shares of Coca-Cola in a research note on Thursday, February 6th. UBS Group upped their price target on shares of Coca-Cola from $72.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. dropped their price target on shares of Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company upped their price target on shares of Coca-Cola from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Two investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Coca-Cola has a consensus rating of “Moderate Buy” and an average target price of $74.24.

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.