Synergy Asset Management LLC Boosts Position in The Coca-Cola Company (NYSE:KO)

Synergy Asset Management LLC raised its stake in shares of The Coca-Cola Company (NYSE:KO) by 9.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 386,996 shares of the company’s stock after purchasing an additional 33,385 shares during the quarter. Coca-Cola accounts for about 3.9% of Synergy Asset Management LLC’s holdings, making the stock its 6th biggest holding. Synergy Asset Management LLC’s holdings in Coca-Cola were worth $24,632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Coca-Cola during the 4th quarter valued at about $2,808,056,000. Price T Rowe Associates Inc. MD raised its stake in shares of Coca-Cola by 21.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock worth $3,016,023,000 after acquiring an additional 8,733,326 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Coca-Cola by 11,127.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,972,733 shares of the company’s stock worth $293,043,000 after acquiring an additional 4,928,441 shares in the last quarter. Pathstone Holdings LLC bought a new stake in shares of Coca-Cola in the 4th quarter worth approximately $193,342,000. Finally, Putnam Investments LLC boosted its stake in shares of Coca-Cola by 32.8% in the 4th quarter. Putnam Investments LLC now owns 12,032,095 shares of the company’s stock valued at $709,051,000 after purchasing an additional 2,973,234 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on KO shares. JPMorgan Chase & Co. boosted their price target on shares of Coca-Cola from $68.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Argus raised their price target on Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. TD Cowen lifted their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Wells Fargo & Company increased their price objective on Coca-Cola from $70.00 to $73.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $70.73.

Coca-Cola Stock Up 0.6 %

Shares of KO stock traded up $0.41 during midday trading on Friday, reaching $71.58. 995,701 shares of the stock were exchanged, compared to its average volume of 13,105,721. The Coca-Cola Company has a 1 year low of $51.55 and a 1 year high of $73.53. The firm has a market cap of $308.36 billion, a PE ratio of 28.47, a price-to-earnings-growth ratio of 4.05 and a beta of 0.59. The company’s 50 day moving average is $67.33 and its two-hundred day moving average is $63.46. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.81 by $0.03. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The business had revenue of $12.40 billion for the quarter, compared to analyst estimates of $11.78 billion. During the same quarter in the previous year, the firm posted $0.78 earnings per share. Coca-Cola’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities research analysts predict that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 2.71%. The ex-dividend date is Friday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is 77.60%.

Insider Activity

In related news, insider Nikolaos Koumettis sold 80,891 shares of Coca-Cola stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $62.34, for a total value of $5,042,744.94. Following the completion of the sale, the insider now directly owns 218,880 shares in the company, valued at approximately $13,644,979.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $15,968,095. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Nikolaos Koumettis sold 80,891 shares of Coca-Cola stock in a transaction on Friday, June 14th. The shares were sold at an average price of $62.34, for a total transaction of $5,042,744.94. Following the transaction, the insider now owns 218,880 shares in the company, valued at approximately $13,644,979.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,074,910 shares of company stock worth $585,972,318 over the last 90 days. 0.97% of the stock is currently owned by 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.