Blume Capital Management Inc. Lowers Stake in Coca-Cola Co. (KO)
Blume Capital Management Inc. reduced its stake in Coca-Cola Co. (NYSE:KO) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,100 shares of the company’s stock after selling 1,100 shares during the period. Blume Capital Management Inc.’s holdings in Coca-Cola were worth $1,055,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Chevy Chase Trust Holdings Inc. boosted its stake in Coca-Cola by 1.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 3,579,971 shares of the company’s stock valued at $166,074,000 after buying an additional 67,239 shares during the last quarter. Community Trust & Investment Co. boosted its stake in shares of Coca-Cola by 0.6% in the first quarter. Community Trust & Investment Co. now owns 65,085 shares of the company’s stock worth $3,020,000 after buying an additional 400 shares in the last quarter. Kistler Tiffany Companies LLC boosted its stake in shares of Coca-Cola by 18.7% in the first quarter. Kistler Tiffany Companies LLC now owns 27,368 shares of the company’s stock worth $1,270,000 after buying an additional 4,320 shares in the last quarter. Rathbone Brothers plc boosted its stake in shares of Coca-Cola by 12.1% in the first quarter. Rathbone Brothers plc now owns 1,274,132 shares of the company’s stock worth $59,107,000 after buying an additional 137,443 shares in the last quarter. Finally, River & Mercantile Asset Management LLP boosted its stake in shares of Coca-Cola by 4.4% in the first quarter. River & Mercantile Asset Management LLP now owns 84,400 shares of the company’s stock worth $3,914,000 after buying an additional 3,550 shares in the last quarter. 64.33% of the stock is currently owned by hedge funds and other institutional investors.
Coca-Cola Co. (NYSE:KO) traded up 1.01% during mid-day trading on Thursday, reaching $42.96. 9,234,943 shares of the company traded hands. Coca-Cola Co. has a 52-week low of $38.51 and a 52-week high of $47.13. The firm’s 50-day moving average is $43.35 and its 200 day moving average is $44.73. The stock has a market capitalization of $185.42 billion, a PE ratio of 24.72 and a beta of 0.57.
Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.02. Coca-Cola had a net margin of 17.61% and a return on equity of 32.78%. The company earned $11.50 billion during the quarter, compared to the consensus estimate of $11.69 billion. During the same quarter last year, the company earned $0.63 earnings per share. Coca-Cola’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, equities research analysts expect that Coca-Cola Co. will post $1.91 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.26%. The ex-dividend date is Tuesday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is 80.46%.
KO has been the subject of a number of recent analyst reports. Citigroup Inc. reiterated a “buy” rating and set a $50.00 price target on shares of Coca-Cola in a research report on Monday. Zacks Investment Research upgraded shares of Coca-Cola from a “sell” rating to a “hold” rating in a research report on Monday, September 12th. Susquehanna reiterated a “hold” rating on shares of Coca-Cola in a research report on Monday, August 22nd. Jefferies Group reiterated a “hold” rating on shares of Coca-Cola in a research report on Thursday, August 25th. Finally, Vetr upgraded shares of Coca-Cola from a “buy” rating to a “strong-buy” rating and set a $47.52 price target for the company in a research report on Wednesday, September 14th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $46.75.
The Coca-Cola Company is a beverage company. The Company owns or licenses and markets over 500 nonalcoholic beverage brands, primarily sparkling beverages but also a range of still beverages, such as waters, enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, and energy and sports drinks.
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