Jim Cramer’s Game Plan: 23 Stocks to Watch

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

Number of Hedge Fund Holders: 68

Cramer said that The Coca-Cola Company (NYSE:KO) is well run and credited the success to its CEO. Here’s what the host of Mad Money had to say:

“… Sometimes companies can practically print money simply because they’re so well run. Take Coca-Cola. Under the steady hand of James Quincey, Coca-Cola has become a low-risk juggernaut with a solid dividend, definitely a stock that is worth owning.”

Coca-Cola (NYSE:KO) is a leading global manufacturer of beverages, offering a diverse range of nonalcoholic drinks, which include soft drinks, water, tea, juice, and plant-based beverages. In addition to its extensive drink portfolio, the company supplies beverage concentrates and syrups to various retailers, such as restaurants and convenience stores. The company is dedicated to returning value to shareholders, evidenced by 62 consecutive years of increasing dividends.

Recently, it paid out its quarterly dividend of 48.5 cents per common share. As of October 21, the stock has a dividend yield of 2.78%. It is worth noting that Berkshire Hathaway owns 400 million shares of stock and the holding makes up over 9% of the firm’s portfolio, as per Insider Monkey’s database. It ranks as Berkshire’s fourth-largest public equity investment. Berkshire has held its stake in the company for more than 30 years.

Coca-Cola (NYSE:KO) revised its outlook for the year, attributing this adjustment to rising global demand for its beverages, particularly observed in the second quarter. For 2024, the company forecasts organic revenue growth between 9% and 10%, an increase from an earlier forecast of 8% to 9%.

Furthermore, the expectations for comparable earnings growth have been adjusted to a range of 5% to 6%, up from the previous estimate of 4% to 5%. CFO John Murphy emphasized that this updated guidance is a result of the positive momentum generated in the first half of the year and reflects confidence in executing plans for the latter part of the year.