Goelzer Investment Management Increases Stake in Coca-Cola by 69.5%

Goelzer Investment Management Inc. significantly boosted its stake in the Coca-Cola Company (NYSE: KO) by purchasing an additional 33,003 shares, which increased its holdings by 69.5% during the third quarter of 2023. Following this acquisition, the firm now possesses a total of 80,511 shares, valued at approximately $5,339,000 as of the end of the quarter.

This strategic move reflects a broader trend among institutional investors regarding Coca-Cola. Several hedge funds have recently adjusted their positions in the beverage giant. For instance, Marion Wealth Management increased its holdings by 2.2%, now owning 23,965 shares worth about $1,589,000 after acquiring 519 additional shares. Similarly, CHICAGO TRUST Co NA raised its stake by 0.9%, bringing its total to 31,861 shares valued at $2,113,000.

In addition, Diversified Enterprises LLC and Spinnaker Investment Group LLC also expanded their positions, with the former acquiring an additional 150 shares and the latter increasing its stake by 9.0%, now holding 9,030 shares valued at $599,000. Collectively, institutional investors own approximately 70.26% of Coca-Cola’s stock.

Insider Transactions and Stock Performance

Recent insider activity at Coca-Cola has also drawn attention. On November 17, 2023, Nancy Quan, Executive Vice President, sold 31,625 shares at an average price of $71.17, totaling about $2,250,751.25. This transaction reduced her ownership by 12.40%, leaving her with 223,330 shares valued at roughly $15,894,396.10.

Additionally, Chief Operating Officer Henrique Braun sold 40,390 shares on November 11, 2023, for approximately $2,864,862.70. Following this sale, he retained 62,621 shares valued at around $4,441,707.53, representing a significant 39.21% decrease in his position. Over the past three months, insiders have sold a total of 225,252 shares valued at $15,953,007.

Coca-Cola’s stock opened at $70.10 on Monday, reflecting a 0.4% decline. The company boasts a market capitalization of $301.53 billion, with a price-to-earnings (P/E) ratio of 23.21 and a beta of 0.39. The stock has fluctuated between a 12-month low of $60.62 and a high of $74.38.

Earnings and Dividend Announcements

Coca-Cola’s latest earnings report, released on March 27, 2024, revealed earnings per share (EPS) of $0.55 for the quarter, alongside a revenue of $11.40 billion. The company’s net margin stood at 27.34%, with a return on equity of 43.62%. Analysts forecast an EPS of 2.96 for the current fiscal year, reflecting optimistic projections for the company’s financial health.

The Coca-Cola Company also recently declared a quarterly dividend of $0.51, payable to shareholders of record on December 1, 2023. The ex-dividend date was set for the same day, translating to an annualized dividend of $2.04 and a yield of 2.9%. The company’s payout ratio currently stands at 67.55%.

Established in Atlanta, Georgia, the Coca-Cola Company is a leading global beverage manufacturer, known primarily for its flagship soda product. The company produces a broad range of beverages, including sparkling soft drinks, bottled water, sports drinks, juices, and ready-to-drink teas and coffees, under well-known brand names such as Coca-Cola, Sprite, and Fanta. Recent expansions into the premium beverage market include acquisitions like Costa Coffee.

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