Sprucegrove Investment Management Ltd. Lowers Position in Coca-Cola Co. (KO)
Sprucegrove Investment Management Ltd. decreased its position in Coca-Cola Co. (NYSE:KO) by 22.2% during the second quarter, Holdings Channel reports. The fund owned 379,600 shares of the company’s stock after selling 108,500 shares during the period. Sprucegrove Investment Management Ltd.’s holdings in Coca-Cola were worth $17,207,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Country Trust Bank increased its position in shares of 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. increased its position in shares of 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 position in shares of Coca-Cola during the first quarter worth about $149,000. Arcadia Investment Management Corp MI increased its position in shares of 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 position in shares of Coca-Cola during the second quarter worth about $161,000. Hedge funds and other institutional investors own 64.30% of the company’s stock.
Coca-Cola Co. (NYSE:KO) traded up 0.89% during mid-day trading on Tuesday, reaching $41.97. The company had a trading volume of 11,297,333 shares. The firm has a market capitalization of $181.14 billion, a P/E ratio of 24.15 and a beta of 0.59. The stock’s 50-day moving average is $42.40 and its 200 day moving average is $44.25. Coca-Cola Co. has a 12 month low of $40.75 and a 12 month high of $47.13.
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, beating the consensus estimate of $0.58 by $0.02. The firm had revenue of $11.50 billion for the quarter, compared to analyst estimates of $11.69 billion. Coca-Cola had a return on equity of 32.78% and a net margin of 17.61%. Coca-Cola’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 earnings per share. On average, analysts predict that Coca-Cola Co. will post $1.91 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a $0.35 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $1.40 dividend on an annualized basis and a yield of 3.34%. Coca-Cola’s dividend payout ratio (DPR) is currently 80.46%.
KO has been the subject of several research analyst reports. Citigroup Inc. reissued a “buy” rating and issued a $50.00 price objective on shares of Coca-Cola in a report on Monday, September 19th. Zacks Investment Research raised Coca-Cola from a “sell” rating to a “hold” rating in a report on Monday, September 12th. Susquehanna reissued a “hold” rating on shares of Coca-Cola in a report on Monday, August 22nd. Jefferies Group reissued a “hold” rating on shares of Coca-Cola in a report on Thursday, August 25th. Finally, Vetr raised Coca-Cola from a “buy” rating to a “strong-buy” rating and set a $46.56 price objective for the company in a report on Tuesday, October 11th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Coca-Cola presently has a consensus rating of “Hold” and an average price target of $46.60.
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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