Edgestream Partners L.P. Buys 25,440 Shares of The Coca-Cola Company (NYSE:KO)

Edgestream Partners L.P. raised its stake in shares of The Coca-Cola Company (NYSE:KO) by 208.4% in the 3rd quarter, Holdings Channel reports. The firm owned 37,645 shares of the company’s stock after acquiring an additional 25,440 shares during the period. Edgestream Partners L.P.’s holdings in Coca-Cola were worth $2,705,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. New Millennium Group LLC purchased a new stake in Coca-Cola in the 2nd quarter worth about $26,000. Quarry LP purchased a new stake in shares of Coca-Cola in the second quarter worth approximately $27,000. Hara Capital LLC bought a new stake in shares of Coca-Cola during the 3rd quarter worth approximately $35,000. E Fund Management Hong Kong Co. Ltd. purchased a new position in Coca-Cola during the 3rd quarter valued at $36,000. Finally, Mount Lucas Management LP bought a new position in Coca-Cola in the 2nd quarter valued at $38,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

KO has been the subject of a number of recent analyst reports. Hsbc Global Res raised shares of Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Morgan Stanley dropped their target price on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Wells Fargo & Company boosted their price target on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Barclays reduced their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, Truist Financial increased their price target on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.36.

Insiders Place Their Bets

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the sale, the chief executive officer now owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. The trade was a 22.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.97% of the stock is owned by insiders.

Coca-Cola Stock Down 0.5 %

Shares of Coca-Cola stock opened at $64.08 on Monday. The firm’s 50 day moving average price is $67.07 and its 200-day moving average price is $66.61. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53. The Coca-Cola Company has a 52-week low of $57.47 and a 52-week high of $73.53. The company has a market cap of $276.04 billion, a P/E ratio of 26.48, a PEG ratio of 3.89 and a beta of 0.61.

Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The firm had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. During the same quarter in the previous year, the firm earned $0.74 EPS. The company’s quarterly revenue was down .8% compared to the same quarter last year. On average, sell-side analysts predict that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s payout ratio is currently 80.17%.

Coca-Cola 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.