As of June 22, 2023, according to a recent disclosure with the Securities & Exchange Commission, Ellsworth Advisors LLC has increased its position in The Coca-Cola Company (NYSE:KO) by 4.1% during the 1st quarter. This translates to an acquisition of an additional 2,773 shares of stock, bringing their total ownership to 70,417. Covenanting that Coca-Cola makes up 1.5% percentage of Ellsworth’s portfolio holdings, it now stands as their fifteenth most lucrative position. The value of Ellsworth’s holdings in Coca-Cola stands at $4,368,000 as at the end of Q1.
On April 24th earlier this year, Coca-Cola had disclosed its earnings report for the first quarter of FY23 which saw earnings per share reach $0.68 — surpassing analysts’ consensus forecasts by $0.03 yielding smarter-than-anticipated performance results; intrinsically enhancing the corporation’s ability to generate revenue from its activities which culminated into a net margin of 22.69%. The company recorded a revenue worth $11 billion during this quarter compared to established estimates of $10.78 billion and increased its revenue by up to 4.8% compared to the previous year’s Q1 where it generated EPS worth $0.64.
Additionally on May 9th – over a month after releasing Q1 results – Manuel Arroyo who serves as Coca-Cola’s Chief Marketing Officer liquidated some shares belonging to him and disposed off approximately 734 shares for an average price valued at $63.40 ringing in total gains totaling up to $46,535.60 with respect to total valuation within the same business day alone emanating from his previous holding in the company valued before then at roughly $7 million dollars translating into returns enjoyed from his investment standing within Coke.
Coincidentally around then too on May 9th itself, the company’s Chief Marketing Officer, Manuel Arroyo again sold up 734 stocks that now no longer formed part of the business. As of this second transaction that he had expertly managed, his new value estimate stood at $7, 264,372 in Coca-Cola shares. This approach speaks to a savvy maneuvering in the market that holds him in good stead as well as plans for contingencies that could potentially materialize at any given time.
In fact, over a period covering the most recent quarter since May 2023 till date and exclusively based around official indications from within Coca-Cola exclusively all through different SEC filings made public through available channels online; major insiders have sold about 420,786 shares amounting to close to $26.9 million dollars with just one percent amounting to proprietary ownership holding of Coke stocks still representing company insiders as at today.
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Coca-Cola Sees Increase in Institutional Investor Activity and Leadership Changes
Coca-Cola, the American multinational beverage corporation, has recently seen an increase in institutional investor activity. My Personal CFO LLC and Freedom Wealth Alliance LLC both acquired new positions in Coca-Cola during the fourth quarter valued at approximately $25,000 each. Worth Asset Management LLC also grew its holdings in Coca-Cola by 956.1%, resulting in it owning 433 shares of the company’s stock valued at $28,000 after purchasing an additional 392 shares during the same period. Fortis Capital Advisors LLC and VitalStone Financial LLC also acquired new stakes in Coca-Cola during the fourth quarter.
It is worth noting that 68.61% of Coca-Cola’s stock is currently owned by hedge funds and other institutional investors. With a market capitalization of $265.62 billion, a P/E ratio of 26.94, a price-to-earnings-growth ratio of 3.49 and a beta of 0.55, Coca-Cola opened at $61.42 on Thursday on NYSE KO.
In addition to increased investment, there have been changes in leadership within the corporation as well. CMO Manuel Arroyo sold 734 shares of Coca-Cola stock in May for a total value of $46,535.60 while CEO James Quincey sold 150,000 shares of Coca-Cola stock earlier this year for a total value of $9,649,500.
Despite these changes and fluctuations in trading prices over time (with a fifty-two week low/ high range between $54.01-$65.47), Coca-Cola announced its quarterly dividend which will be paid on Monday July 3rd to shareholders who were recorded on Friday June 16th; this amounts to a generous annualized dividend payout ratio currently standing at around 80%.
Brokerages including Deutsche Bank Aktiengesellschaft and Citigroup have commented on KO ratings with an average rating described as “Moderate Buy” with a consensus price target of $67.67 according to Bloomberg.com. All in all, it is an exciting time for Coca-Cola as multiple ventures are taking place and investors eagerly anticipate future growth.
