Impax Asset Management Group plc Cuts Stake in The Coca-Cola Company (NYSE:KO)

Impax Asset Management Group plc lessened its position in shares of The Coca-Cola Company (NYSE:KO) by 12.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 145,483 shares of the company’s stock after selling 20,950 shares during the quarter. Impax Asset Management Group plc’s holdings in Coca-Cola were worth $10,454,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in KO. New Millennium Group LLC purchased a new position in Coca-Cola during the 2nd quarter valued at approximately $26,000. Quarry LP purchased a new position in Coca-Cola during the 2nd quarter valued at approximately $27,000. ESL Trust Services LLC purchased a new position in Coca-Cola during the 1st quarter valued at approximately $28,000. Hara Capital LLC purchased a new position in Coca-Cola during the 3rd quarter valued at approximately $35,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Coca-Cola in the 3rd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on KO. Royal Bank of Canada raised their price objective on Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised their price target on Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Cfra reissued a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. TD Cowen raised their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Finally, Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $72.36.

Coca-Cola Stock Performance

Shares of KO opened at $61.73 on Friday. The stock has a 50-day moving average of $68.82 and a two-hundred day moving average of $66.48. The Coca-Cola Company has a one year low of $56.70 and a one year high of $73.53. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The stock has a market cap of $265.92 billion, a P/E ratio of 25.51, a P/E/G ratio of 3.83 and a beta of 0.61.

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 company had revenue of $11.85 billion during the quarter, compared to analysts’ expectations of $11.61 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. The firm’s revenue was down .8% compared to the same quarter last year. As a group, research analysts predict that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a yield of 3.14%. Coca-Cola’s dividend payout ratio is currently 80.17%.

Insiders Place Their Bets

In other news, CEO James Quincey sold 102,533 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total value of $7,179,360.66. Following the completion of the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $30,987,070.92. The trade was a 18.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $15,968,095. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 303,748 shares of company stock valued at $20,677,431. 0.97% of the stock is owned by company insiders.

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.