Donald Yacktman’s Yacktman Asset Management recently shared its Q1 2019 Investor Letter (track down a copy here ). Aside from reporting its quarterly return of 7.77%, the fund commented a few stocks from its portfolio. Among those stocks was The Coca-Cola Company (NYSE:KO), for which the fund said the following:
“Coca-Cola’s shares fell due to weaker-than-expected earnings guidance. We continue to feel confident about the company’s long-term market position and its ability to produce solid growth over time”
The Coca-Cola Company is a world-famous corporation that manufactures a variety of non-alcoholic beverages. The most fame gained through its flagship product – one of the most popular non-alcoholic drinks, Coca-Cola. Over the past six months, the company’s stock gained 13.55%, and on May 8th it was trading at $47.85. Its market cap is $204.13 billion.
Heading into the first quarter of 2019, a total of 53 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 23% from the previous quarter. By comparison, 45 hedge funds held shares or bullish call options in KO a year ago. With the smart money’s positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were adding to their stakes considerably (or already accumulated large positions).
The largest stake in The Coca-Cola Company (NYSE:KO) was held by Berkshire Hathaway, which reported holding $18940 million worth of stock at the end of September. It was followed by Yacktman Asset Management with a $626.8 million position. Other investors bullish on the company included Adage Capital Management, Two Sigma Advisors, and Alkeon Capital Management.
This article is originally published at Insider Monkey.