Kayne Anderson Rudnick Investment Management LLC Has $12.33 Million Stock Position in The Coca-Cola Company (NYSE:KO)

Kayne Anderson Rudnick Investment Management LLC lessened its stake in shares of The Coca-Cola Company (NYSE:KO) by 17.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 193,629 shares of the company’s stock after selling 40,816 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Coca-Cola were worth $12,325,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Legacy Financial Advisors Inc. boosted its position in shares of Coca-Cola by 1.2% in the second quarter. Legacy Financial Advisors Inc. now owns 36,159 shares of the company’s stock worth $2,302,000 after buying an additional 434 shares during the period. Summit Trail Advisors LLC lifted its stake in Coca-Cola by 3.0% in the 2nd quarter. Summit Trail Advisors LLC now owns 21,816 shares of the company’s stock worth $1,399,000 after acquiring an additional 629 shares in the last quarter. Capstone Triton Financial Group LLC boosted its position in Coca-Cola by 3.2% during the 2nd quarter. Capstone Triton Financial Group LLC now owns 40,609 shares of the company’s stock worth $2,585,000 after acquiring an additional 1,271 shares during the period. Chesapeake Wealth Management grew its stake in Coca-Cola by 1.2% during the 2nd quarter. Chesapeake Wealth Management now owns 21,935 shares of the company’s stock valued at $1,396,000 after acquiring an additional 269 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Coca-Cola by 3.0% in the 2nd quarter. Sei Investments Co. now owns 1,753,046 shares of the company’s stock valued at $111,581,000 after purchasing an additional 50,473 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

KO has been the subject of several research reports. Cfra restated a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. BNP Paribas started coverage on shares of Coca-Cola in a report on Monday, June 24th. They set an “outperform” rating and a $72.00 price target on the stock. Citigroup increased their price objective on Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their target price on Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Finally, Truist Financial raised their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Coca-Cola presently has an average rating of “Moderate Buy” and a consensus target price of $71.07.

Coca-Cola Price Performance

NYSE KO opened at $71.64 on Monday. The Coca-Cola Company has a 1 year low of $51.55 and a 1 year high of $73.53. The company has a fifty day simple moving average of $69.13 and a 200 day simple moving average of $64.37. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39. The company has a market cap of $308.62 billion, a P/E ratio of 28.66, a P/E/G ratio of 3.93 and a beta of 0.60.

Coca-Cola (NYSE:KO) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The company had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 earnings per share. On average, sell-side analysts predict that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

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

Insider Activity

In related news, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the transaction, the insider now owns 1,883,546 shares of the company’s stock, valued at $1,742,280,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Coca-Cola news, major shareholder Cola Co Coca sold 598,619 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $925.00, for a total value of $553,722,575.00. Following the sale, the insider now directly owns 1,883,546 shares in the company, valued at approximately $1,742,280,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nancy Quan sold 18,482 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $15,398,603.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 974,715 shares of company stock valued at $579,704,927. 0.97% of the stock is owned by company insiders.

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.