5 Blue Chip Stocks to Buy Now According to Billionaire Ray Dalio

3. The Coca-Cola Company (NYSE:KO)

Bridgewater Associates’ Stake Value: $680,734,000

Percentage of Bridgewater Associates’ 13F Portfolio: 2.88%

Number of Hedge Fund Holders: 60

The Coca-Cola Company (NYSE:KO) is a leading global beverage company with a history dating back to 1886. Its portfolio of brands, sold in more than 200 countries and territories, includes Coca-Cola, Sprite, Fanta and other sparkling soft drinks, hydration, sports, coffee and tea brands, and other beverages.

As of Q2 2022, Ray Dalio’s Bridgewater Associates holds 10,820,759 shares of The Coca-Cola Company (NYSE:KO), accounting for 2.88% of the hedge fund’s 13F portfolio. The hedge fund increased its stake by 7% in Q2 2022, as compared to the previous quarter.

In July, The Coca-Cola Company (NYSE:KO) released the financial results for the quarter ended July 1, 2022. Its net revenue increased by 12% y-o-y to $11.3 billion, while its net income shrunk by 28% y-o-y to $1.9 billion, for the three months. It reported a normalized EPS of $0.70 for the quarter, narrowly beating the consensus by $0.03, and declared a regular quarterly dividend of $0.44 per share.

In September, HSBC analyst Carlos Laboy raised the price target on The Coca-Cola Company (NYSE:KO) shares to $76 from $72 and maintained a ‘Buy’ rating on the shares.

As of Q2 2022, 60 of the 895 hedge funds tracked by Insider Monkey held The Coca-Cola Company (NYSE:KO) shares, valued at a combined total of $28.4 billion. Warren Buffet’s Berkshire Hathaway is its largest shareholder with ownership of 400 million shares valued at $25.2 billion.