Suvretta Capital Management LLC Raises Position in The Coca-Cola Company (NYSE:KO)

Suvretta Capital Management LLC lifted its stake in shares of The Coca-Cola Company (NYSE:KO) by 5.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 588,912 shares of the company’s stock after acquiring an additional 28,299 shares during the period. Coca-Cola makes up 1.4% of Suvretta Capital Management LLC’s holdings, making the stock its 26th biggest holding. Suvretta Capital Management LLC’s holdings in Coca-Cola were worth $42,319,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. New Millennium Group LLC purchased a new stake in shares of Coca-Cola during the second quarter valued at approximately $26,000. Quarry LP acquired a new stake in Coca-Cola during the 2nd quarter valued at $27,000. Hara Capital LLC purchased a new stake in Coca-Cola during the 3rd quarter worth $35,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in Coca-Cola in the 3rd quarter worth $36,000. Finally, Mount Lucas Management LP purchased a new position in Coca-Cola in the 2nd quarter valued at about $38,000. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 342,546 shares in the company, valued at approximately $21,933,220.38. This trade represents a 22.60 % decrease in their ownership of the stock. 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

Shares of NYSE:KO opened at $64.43 on Friday. The company has a market cap of $277.55 billion, a PE ratio of 26.62, a P/E/G ratio of 3.91 and a beta of 0.61. The Coca-Cola Company has a fifty-two week low of $57.47 and a fifty-two week high of $73.53. The firm has a 50-day simple moving average of $67.22 and a 200 day simple moving average of $66.56. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03. The company 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 was down .8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. On average, sell-side analysts anticipate that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Friday, November 29th. Coca-Cola’s payout ratio is 80.17%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on KO shares. Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a research report on Thursday, September 5th. Barclays dropped their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Wells Fargo & Company increased their target price on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Truist Financial lifted their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.36.

About Coca-Cola

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.