Connor Clark & Lunn Investment Management Ltd. Decreases Stake in The Coca-Cola Company (NYSE:KO)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in The Coca-Cola Company (NYSE:KO) by 80.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 111,195 shares of the company’s stock after selling 448,121 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Coca-Cola were worth $6,923,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Rakuten Securities Inc. increased its position in shares of Coca-Cola by 103.1% during the 4th quarter. Rakuten Securities Inc. now owns 4,516 shares of the company’s stock valued at $281,000 after purchasing an additional 2,292 shares during the last quarter. Essential Planning LLC. bought a new position in Coca-Cola during the fourth quarter valued at about $10,232,000. Liberty Wealth Management LLC increased its holdings in Coca-Cola by 2.5% during the fourth quarter. Liberty Wealth Management LLC now owns 8,995 shares of the company’s stock worth $560,000 after buying an additional 216 shares during the last quarter. Great Lakes Advisors LLC raised its position in Coca-Cola by 21.2% in the fourth quarter. Great Lakes Advisors LLC now owns 18,010 shares of the company’s stock worth $1,121,000 after acquiring an additional 3,148 shares during the period. Finally, Truvestments Capital LLC boosted its stake in Coca-Cola by 7.9% in the fourth quarter. Truvestments Capital LLC now owns 47,144 shares of the company’s stock valued at $2,935,000 after acquiring an additional 3,436 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Coca-Cola Price Performance

Shares of NYSE:KO opened at $69.16 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 1.61. The stock has a market cap of $297.47 billion, a PE ratio of 28.00, a PEG ratio of 3.79 and a beta of 0.57. The company’s fifty day moving average is $66.18 and its 200 day moving average is $66.58. The Coca-Cola Company has a 52 week low of $57.93 and a 52 week high of $73.53.

Coca-Cola (NYSE:KO) last issued its earnings results on Tuesday, February 11th. The company reported $0.55 earnings per share (EPS) for the quarter, topping 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%. Research analysts anticipate that The Coca-Cola Company will post 2.96 earnings per share for the current year.

Coca-Cola Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Friday, March 14th. This is an increase from Coca-Cola’s previous quarterly dividend of $0.49. Coca-Cola’s payout ratio is currently 82.59%.

Wall Street Analysts Forecast Growth

KO has been the topic of a number of research reports. Jefferies Financial Group raised shares of Coca-Cola from a “hold” rating to a “buy” rating and lifted their price target for the stock from $69.00 to $75.00 in a report on Thursday, January 30th. TD Cowen raised Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their price objective on Coca-Cola from $75.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, January 28th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $69.00 price objective on shares of Coca-Cola in a report on Thursday, February 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Coca-Cola from a “hold” rating to a “buy” rating and lifted their target price for the stock from $68.00 to $70.00 in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Coca-Cola presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.24.

Insider Buying and Selling at Coca-Cola

In other Coca-Cola news, EVP Lisa Chang sold 13,445 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $71.50, for a total transaction of $961,317.50. Following the transaction, the executive vice president now owns 94,676 shares in the company, valued at approximately $6,769,334. This represents a 12.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Henrique Braun sold 25,277 shares of Coca-Cola stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $71.47, for a total value of $1,806,547.19. Following the sale, the chief operating officer now owns 52,466 shares in the company, valued at $3,749,745.02. This represents a 32.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 313,423 shares of company stock valued at $22,263,071 in the last 90 days. Insiders own 0.97% of the company’s stock.

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.