Point72 Asia Singapore Pte. Ltd. Trims Position in The Coca-Cola Company (NYSE:KO)

Point72 Asia Singapore Pte. Ltd. cut its position in shares of The Coca-Cola Company (NYSE:KO) by 47.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,738 shares of the company’s stock after selling 21,057 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Coca-Cola were worth $1,706,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Buying and Selling

In related news, CEO James Quincey sold 100,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the completion of the transaction, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.97% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on KO shares. Morgan Stanley dropped their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Barclays lowered their price target on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Truist Financial upped their price target on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Finally, Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.36.

Coca-Cola Stock Performance

Shares of KO opened at $64.08 on Monday. 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 business has a 50-day simple moving average of $67.07 and a two-hundred day simple moving average of $66.61. The stock has a market cap of $276.04 billion, a price-to-earnings ratio of 26.48, a PEG ratio of 3.89 and a beta of 0.61. The Coca-Cola Company has a 52 week low of $57.47 and a 52 week high of $73.53.

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

Coca-Cola Dividend Announcement

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

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.