Cornerstone Advisors LLC Raises Stake in The Coca-Cola Company (NYSE:KO)

Cornerstone Advisors LLC grew its position in shares of The Coca-Cola Company (NYSE:KO - Free Report) by 4.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 322,600 shares of the company's stock after buying an additional 13,000 shares during the quarter. Coca-Cola accounts for 0.9% of Cornerstone Advisors LLC's portfolio, making the stock its 25th largest position. Cornerstone Advisors LLC's holdings in Coca-Cola were worth $23,182,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. New Millennium Group LLC bought a new position in Coca-Cola in the second quarter worth approximately $26,000. Quarry LP bought a new position in Coca-Cola in the second quarter worth approximately $27,000. Hara Capital LLC bought a new position in Coca-Cola in the third quarter worth approximately $35,000. E Fund Management Hong Kong Co. Ltd. bought a new position in Coca-Cola in the third quarter worth approximately $36,000. Finally, Mount Lucas Management LP bought a new position in Coca-Cola in the second quarter worth approximately $38,000. Hedge funds and other institutional investors own 70.26% of the company's stock.

Coca-Cola Trading Up 1.2 %

NYSE:KO traded up $0.77 during trading hours on Thursday, hitting $63.76. The company had a trading volume of 11,612,041 shares, compared to its average volume of 13,430,686. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The company has a 50-day moving average of $67.94 and a 200 day moving average of $66.50. The company has a market cap of $274.67 billion, a P/E ratio of 26.35, a P/E/G ratio of 3.80 and a beta of 0.61. The Coca-Cola Company has a 1 year low of $57.47 and a 1 year high of $73.53.

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

Coca-Cola Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 3.04%. The ex-dividend date is Friday, November 29th. Coca-Cola's payout ratio is currently 80.17%.

Insider Buying and Selling at Coca-Cola

In other news, CEO James Quincey sold 100,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $64.03, for a total value of $6,403,000.00. Following the completion of the transaction, the chief executive officer now owns 342,546 shares in the company, valued at $21,933,220.38. This trade represents a 22.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Nancy Quan sold 18,484 shares of the firm's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now owns 223,330 shares of the company's stock, valued at $15,968,095. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 160,881 shares of company stock valued at $10,693,244. Insiders own 0.97% of the company's stock.

Wall Street Analysts Forecast Growth

KO has been the topic of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Coca-Cola from $73.00 to $78.00 and gave the company an "overweight" rating in a research report on Monday, September 16th. TD Cowen lifted their price objective on shares of Coca-Cola from $65.00 to $70.00 and gave the stock a "hold" rating in a research note on Thursday, July 25th. Cfra reaffirmed a "hold" rating on shares of Coca-Cola in a research note on Thursday, September 5th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Coca-Cola from $64.00 to $65.00 and gave the company a "hold" rating in a report on Wednesday, July 24th. Finally, Morgan Stanley decreased their price objective on shares of Coca-Cola from $78.00 to $76.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Coca-Cola currently 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.