MetLife Investment Management LLC Decreases Stock Position in The Coca-Cola Company (NYSE:KO)

MetLife Investment Management LLC lowered its position in shares of The Coca-Cola Company (NYSE:KO) by 2.4% during the third quarter, HoldingsChannel reports. The firm owned 1,110,007 shares of the company’s stock after selling 27,449 shares during the period. Coca-Cola accounts for approximately 0.5% of MetLife Investment Management LLC’s holdings, making the stock its 28th largest holding. MetLife Investment Management LLC’s holdings in Coca-Cola were worth $79,765,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in KO. Cynosure Group LLC increased its stake in Coca-Cola by 46.4% during the 3rd quarter. Cynosure Group LLC now owns 5,057 shares of the company’s stock worth $363,000 after buying an additional 1,602 shares during the period. Townsquare Capital LLC lifted its stake in shares of Coca-Cola by 5.2% in the third quarter. Townsquare Capital LLC now owns 325,878 shares of the company’s stock worth $23,418,000 after acquiring an additional 16,198 shares in the last quarter. NCP Inc. boosted its holdings in Coca-Cola by 9.2% in the third quarter. NCP Inc. now owns 3,571 shares of the company’s stock valued at $257,000 after purchasing an additional 300 shares during the last quarter. Cadence Bank grew its stake in Coca-Cola by 1.0% during the 3rd quarter. Cadence Bank now owns 70,972 shares of the company’s stock valued at $5,100,000 after purchasing an additional 668 shares in the last quarter. Finally, Avestar Capital LLC increased its holdings in Coca-Cola by 3.5% during the 3rd quarter. Avestar Capital LLC now owns 29,536 shares of the company’s stock worth $2,122,000 after purchasing an additional 1,006 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction on Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the transaction, the chief executive officer now directly owns 342,546 shares in the company, valued at approximately $21,933,220.38. This trade represents a 22.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.97% of the company’s stock.

Coca-Cola Price Performance

NYSE KO opened at $64.86 on Wednesday. The company has a 50-day moving average price of $67.49 and a two-hundred day moving average price of $66.59. The Coca-Cola Company has a 52 week low of $57.47 and a 52 week high of $73.53. The stock has a market cap of $279.40 billion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 3.91 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. The business had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The business’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 EPS. Analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio is currently 80.17%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Hsbc Global Res raised shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Morgan Stanley cut their target price on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Truist Financial boosted their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Cfra reiterated a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Finally, Barclays reduced their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Four investment 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 presently has an average rating of “Moderate Buy” and a consensus price target of $72.36.

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.