Arizona State Retirement System Buys 8,707 Shares of The Coca-Cola Company (NYSE:KO)

Arizona State Retirement System lifted its holdings in The Coca-Cola Company (NYSE:KO) by 0.7% in the second quarter, HoldingsChannel.com reports. The fund owned 1,187,348 shares of the company’s stock after buying an additional 8,707 shares during the quarter. Coca-Cola comprises 0.5% of Arizona State Retirement System’s portfolio, making the stock its 28th biggest holding. Arizona State Retirement System’s holdings in Coca-Cola were worth $75,575,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Elwood & Goetz Wealth Advisory Group LLC raised its position in Coca-Cola by 2.2% during the second quarter. Elwood & Goetz Wealth Advisory Group LLC now owns 6,871 shares of the company’s stock valued at $437,000 after purchasing an additional 149 shares during the period. Drive Wealth Management LLC raised its holdings in shares of Coca-Cola by 1.6% in the second quarter. Drive Wealth Management LLC now owns 9,824 shares of the company’s stock worth $630,000 after buying an additional 151 shares during the period. Capital Advisors Ltd. LLC raised its holdings in shares of Coca-Cola by 4.4% in the second quarter. Capital Advisors Ltd. LLC now owns 3,631 shares of the company’s stock worth $231,000 after buying an additional 153 shares during the period. Liberty Capital Management Inc. raised its holdings in shares of Coca-Cola by 3.7% in the second quarter. Liberty Capital Management Inc. now owns 4,319 shares of the company’s stock worth $275,000 after buying an additional 155 shares during the period. Finally, Azzad Asset Management Inc. ADV raised its holdings in shares of Coca-Cola by 0.4% in the second quarter. Azzad Asset Management Inc. ADV now owns 42,407 shares of the company’s stock worth $2,699,000 after buying an additional 160 shares during the period. Institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

KO has been the topic of several recent analyst reports. Argus increased their price target on Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Bank of America raised their price objective on Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. BNP Paribas began coverage on Coca-Cola in a report on Monday, June 24th. They set an “outperform” rating and a $72.00 price objective on the stock. TD Cowen raised their price objective on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Finally, Truist Financial raised their price objective on Coca-Cola from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.73.

Coca-Cola Stock Down 0.4 %

Coca-Cola stock opened at $70.90 on Friday. The stock has a market capitalization of $305.43 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 4.05 and a beta of 0.59. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.08 and a quick ratio of 0.92. The business has a fifty day moving average price of $67.33 and a 200-day moving average price of $63.46. The Coca-Cola Company has a 1-year low of $51.55 and a 1-year high of $73.53.

Coca-Cola (NYSE:KO) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The business had revenue of $12.40 billion during the quarter, compared to analyst estimates of $11.78 billion. During the same quarter last year, the business posted $0.78 EPS. The company’s revenue was up 3.3% on a year-over-year basis. Equities research analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Friday, September 13th. Coca-Cola’s payout ratio is 77.60%.

Insider Buying and Selling

In related news, major shareholder Cola Co Coca sold 598,619 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total value of $553,722,575.00. Following the transaction, the insider now directly owns 1,883,546 shares in the company, valued at $1,742,280,050. The transaction 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 business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total value of $553,722,575.00. Following the sale, 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 filing with the SEC, which can be accessed through the SEC website. Also, EVP Nancy Quan sold 19,304 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $63.44, for a total value of $1,224,645.76. Following the completion of the sale, the executive vice president now directly owns 223,330 shares in the company, valued at approximately $14,168,055.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,074,910 shares of company stock worth $585,972,318. Insiders own 0.97% of the company’s stock.

Coca-Cola Company 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.