Arizona State Retirement System decreased its stake in shares of The Coca-Cola Company (NYSE:KO – Get Rating) by 0.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,119,454 shares of the company's stock after selling 10,494 shares during the quarter. Coca-Cola comprises about 0.6% of Arizona State Retirement System's investment portfolio, making the stock its 22nd biggest holding. Arizona State Retirement System's holdings in Coca-Cola were worth $62,712,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. TRUE Private Wealth Advisors grew its holdings in shares of Coca-Cola by 1.0% in the second quarter. TRUE Private Wealth Advisors now owns 16,296 shares of the company's stock worth $1,025,000 after acquiring an additional 157 shares during the period. West Branch Capital LLC grew its holdings in Coca-Cola by 0.7% during the second quarter. West Branch Capital LLC now owns 23,425 shares of the company's stock valued at $1,474,000 after purchasing an additional 160 shares during the period. Noesis Capital Mangement Corp grew its holdings in Coca-Cola by 2.9% during the second quarter. Noesis Capital Mangement Corp now owns 5,905 shares of the company's stock valued at $371,000 after purchasing an additional 164 shares during the period. MPS Loria Financial Planners LLC grew its holdings in Coca-Cola by 4.3% during the second quarter. MPS Loria Financial Planners LLC now owns 3,992 shares of the company's stock valued at $251,000 after purchasing an additional 165 shares during the period. Finally, D.B. Root & Company LLC grew its holdings in Coca-Cola by 0.5% during the second quarter. D.B. Root & Company LLC now owns 32,348 shares of the company's stock valued at $2,035,000 after purchasing an additional 166 shares during the period. Hedge funds and other institutional investors own 68.74% of the company's stock.
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Insider Activity
In other news, insider Brian John Smith sold 94,200 shares of the company's stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $63.02, for a total transaction of $5,936,484.00. Following the transaction, the insider now owns 116,168 shares of the company's stock, valued at $7,320,907.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Brian John Smith sold 94,200 shares of the stock in a transaction that occurred on Friday, December 16th. The stock was sold at an average price of $63.02, for a total value of $5,936,484.00. Following the transaction, the insider now owns 116,168 shares of the company's stock, valued at $7,320,907.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Nancy Quan sold 13,746 shares of the stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $61.12, for a total value of $840,155.52. Following the completion of the transaction, the senior vice president now directly owns 184,710 shares in the company, valued at approximately $11,289,475.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 276,986 shares of company stock valued at $17,218,050. 0.98% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
KO has been the subject of several recent research reports. Evercore ISI cut their price target on Coca-Cola to $68.00 in a report on Thursday, October 20th. Deutsche Bank Aktiengesellschaft boosted their price objective on Coca-Cola from $59.00 to $62.00 and gave the company a "hold" rating in a research report on Tuesday, December 6th. UBS Group boosted their price objective on Coca-Cola from $63.00 to $68.00 in a research report on Wednesday, October 26th. Barclays boosted their price objective on Coca-Cola from $62.00 to $67.00 in a research report on Wednesday, October 26th. Finally, Credit Suisse Group set a $64.00 price objective on Coca-Cola in a research report on Friday, December 9th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Coca-Cola presently has an average rating of "Moderate Buy" and a consensus target price of $66.90.
Coca-Cola Trading Down 0.3 %
KO stock traded down $0.21 during midday trading on Thursday, reaching $60.72. 1,059,342 shares of the company traded hands, compared to its average volume of 12,108,649. The Coca-Cola Company has a 52-week low of $54.01 and a 52-week high of $67.20. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.95 and a current ratio of 1.13. The business has a 50 day moving average of $62.62 and a 200-day moving average of $61.26. The firm has a market capitalization of $262.58 billion, a price-to-earnings ratio of 26.61, a P/E/G ratio of 3.82 and a beta of 0.57.
Coca-Cola (NYSE:KO – Get Rating) last issued its quarterly earnings data on Tuesday, October 25th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.05. The business had revenue of $11.06 billion for the quarter, compared to the consensus estimate of $10.60 billion. Coca-Cola had a return on equity of 42.75% and a net margin of 23.44%. As a group, sell-side analysts expect that The Coca-Cola Company will post 2.48 earnings per share for the current fiscal year.
About Coca-Cola
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The Coca-Cola Co is the nonalcoholic beverage company, which engages in the manufacture, market, and sale of non-alcoholic beverages which include sparkling soft drinks, water, enhanced water and sports drinks, juice, dairy and plant-based beverages, tea and coffee and energy drinks. Its brands include Coca-Cola, Diet Coke, Coca-Cola Zero, Fanta, Sprite, Minute Maid, Georgia, Powerade, Del Valle, Schweppes, Aquarius, Minute Maid Pulpy, Dasani, Simply, Glaceau Vitaminwater, Bonaqua, Gold Peak, Fuze Tea, Glaceau Smartwater, and Ice Dew.
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