Granite Investment Advisors Inc. Cuts Position in Coca-Cola Co. (KO)
Granite Investment Advisors Inc. cut its position in Coca-Cola Co. (NYSE:KO) by 2.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 225,795 shares of the company’s stock after selling 5,125 shares during the period. Coca-Cola accounts for approximately 2.1% of Granite Investment Advisors Inc.’s holdings, making the stock its 12th largest position. Granite Investment Advisors Inc.’s holdings in Coca-Cola were worth $10,235,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Country Trust Bank boosted its stake in Coca-Cola by 25.0% in the second quarter. Country Trust Bank now owns 2,500 shares of the company’s stock worth $113,000 after buying an additional 500 shares during the period. Smith Affiliated Capital Corp. boosted its stake in Coca-Cola by 147.2% in the second quarter. Smith Affiliated Capital Corp. now owns 3,023 shares of the company’s stock worth $137,000 after buying an additional 1,800 shares during the period. Barnett & Company Inc. acquired a new stake in Coca-Cola during the first quarter worth $149,000. Arcadia Investment Management Corp MI boosted its stake in Coca-Cola by 1.5% in the second quarter. Arcadia Investment Management Corp MI now owns 3,469 shares of the company’s stock worth $157,000 after buying an additional 52 shares during the period. Finally, Cribstone Capital Management LLC acquired a new stake in Coca-Cola during the second quarter worth $161,000. 64.33% of the stock is currently owned by hedge funds and other institutional investors.
Coca-Cola Co. (NYSE:KO) traded up 0.58% during midday trading on Wednesday, hitting $41.78. 12,216,588 shares of the company traded hands. Coca-Cola Co. has a 12-month low of $40.75 and a 12-month high of $47.13. The firm has a market capitalization of $180.32 billion, a PE ratio of 24.04 and a beta of 0.59. The stock’s 50-day moving average is $42.67 and its 200-day moving average is $44.42.
Coca-Cola (NYSE:KO) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.02. The business earned $11.50 billion during the quarter, compared to the consensus estimate of $11.69 billion. Coca-Cola had a net margin of 17.61% and a return on equity of 32.78%. Coca-Cola’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 earnings per share. Analysts anticipate that Coca-Cola Co. will post $1.91 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Tuesday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is 80.46%.
A number of research analysts recently commented on KO shares. Zacks Investment Research upgraded shares of Coca-Cola from a “sell” rating to a “hold” rating in a research note on Thursday, June 23rd. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $45.00 price objective (down previously from $47.00) on shares of Coca-Cola in a research note on Wednesday, June 29th. BMO Capital Markets reiterated an “outperform” rating on shares of Coca-Cola in a research note on Friday, July 15th. Susquehanna reiterated a “hold” rating on shares of Coca-Cola in a research note on Sunday, July 17th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Coca-Cola in a research note on Sunday, July 24th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $46.48.
Coca-Cola Company Profile
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.
Want to see what other hedge funds are holding KO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coca-Cola Co. (NYSE:KO).
Receive News & Ratings for Coca-Cola Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coca-Cola Co. and related companies with MarketBeat.com's FREE daily email newsletter.