5 Latest Stock Picks of Billionaire Steve Cohen

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

Stake Value of Point72 Asset Management: $167,161,000

Percentage of Point72 Asset Management’s 13F Portfolio: 0.66%

Number of Hedge Fund Holders: 70

The Coca-Cola Company (NYSE:KO) has been dubbed a dividend king for years now. As of March 5, 2022, the stock has a forward yield of 2.81%, a 5-year dividend growth rate of 3.71%, and boasts over 59 years of consistent dividend increases. On February 17, 2022, The Coca-Cola Company (NYSE:KO) announced that its board of directors had declared a quarterly cash dividend of $0.44 per share, up 4.8% from the prior dividend of $0.42 per share.

In February, The Coca-Cola Company (NYSE:KO) released its earnings for the fiscal fourth quarter of 2022, for which the company beat EPS by $0.04 and beat revenue estimates by $579.32 million. During the quarter, Coca-Cola pulled in earnings per share of $0.45 and generated revenue of $9.47 billion.

On February 15, 2022, Evercore ISI analyst Robert Ottenstein raised his price target on The Coca-Cola Company (NYSE:KO) to $70 from $63 and maintained an ‘Outperform’ rating on the shares.

By the close of the fourth quarter of 2021, 70 hedge funds held stakes worth approximately $28.61 billion in The Coca-Cola Company (NYSE:KO). This is compared to 61 hedge funds at the end of the third quarter, which held stakes amounting to $25.13 billion. Needless to say, more hedge funds began looking at Coca-Cola as a safe investment for their dollars heading into a 2022 that promised to be turbulent (and has been).