The Coca-Cola Company (NYSE:KO) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System increased its position in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 1.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,188,370 shares of the company's stock after purchasing an additional 14,934 shares during the quarter. Coca-Cola makes up about 0.5% of Arizona State Retirement System's holdings, making the stock its 27th biggest position. Arizona State Retirement System's holdings in Coca-Cola were worth $73,988,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new stake in Coca-Cola in the fourth quarter worth about $31,000. Hara Capital LLC bought a new stake in Coca-Cola in the third quarter worth about $35,000. Retirement Wealth Solutions LLC bought a new stake in shares of Coca-Cola in the fourth quarter valued at approximately $37,000. MilWealth Group LLC bought a new stake in shares of Coca-Cola in the fourth quarter valued at approximately $40,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Coca-Cola in the third quarter valued at approximately $43,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Coca-Cola Stock Performance

NYSE KO traded down $0.03 on Wednesday, reaching $70.17. 23,930,827 shares of the stock were exchanged, compared to its average volume of 17,578,992. The Coca-Cola Company has a one year low of $57.93 and a one year high of $73.53. The firm has a market capitalization of $301.78 billion, a PE ratio of 28.41, a PEG ratio of 3.79 and a beta of 0.61. The company's 50-day simple moving average is $65.02 and its two-hundred day simple moving average is $66.55. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 1.61.

Coca-Cola (NYSE:KO - Get Free Report) last posted its earnings results on Tuesday, February 11th. The company reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. Coca-Cola had a net margin of 22.59% and a return on equity of 45.37%. Analysts expect that The Coca-Cola Company will post 2.96 EPS for the current fiscal year.

Coca-Cola Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Coca-Cola's previous quarterly dividend of $0.49. This represents a $2.04 dividend on an annualized basis and a yield of 2.91%. Coca-Cola's payout ratio is currently 82.59%.

Wall Street Analysts Forecast Growth

KO has been the topic of several research reports. Piper Sandler boosted their price target on shares of Coca-Cola from $73.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. Jefferies Financial Group raised shares of Coca-Cola from a "hold" rating to a "buy" rating and boosted their price target for the company from $69.00 to $75.00 in a research report on Thursday, January 30th. Evercore ISI boosted their price target on shares of Coca-Cola from $72.00 to $75.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $69.00 price objective on shares of Coca-Cola in a research note on Thursday, February 6th. Finally, Barclays boosted their price objective on shares of Coca-Cola from $66.00 to $73.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $74.24.

Insiders Place Their Bets

In other Coca-Cola news, EVP Lisa Chang sold 13,445 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $71.50, for a total value of $961,317.50. Following the completion of the sale, the executive vice president now directly owns 94,676 shares of the company's stock, valued at $6,769,334. This trade represents a 12.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bruno Pietracci sold 19,058 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $70.56, for a total value of $1,344,732.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 232,646 shares of company stock worth $16,515,469. 0.97% of the stock is owned by corporate insiders.

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.