Top 5 Stocks Billionaire Mets Owner Steve Cohen Just Added to His Portfolio

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

 Value of Point72 Asset Management‘s 13F Position: $167 million

Number of Hedge Fund Shareholders: 72

Hedge fund ownership of The Coca-Cola Company (NYSE:KO) jumped by 13% during Q4, hitting a 9-year high. Cohen was one of the prominent money managers to take a stake in the beverage giant, buying more than 2.82 million shares.

The Coca-Cola Company (NYSE:KO) shares have been on an upward trend since the low point of the pandemic in March 2020, gaining over 60% in the two years since. That’s not entirely surprising given that Coca-Cola has already surpassed its pre-pandemic revenue and income levels. The company’s revenue came in at $38.7 billion last year, a 3.7% increase compared to 2019.

The Coca-Cola Company (NYSE:KO) also recently joined the short list of dividend kings that can boast not just 50, but 60 straight years of annual dividend increases. Coca-Cola’s quarterly dividend of $0.44 equates to a solid annual yield of 2.84% on its shares. Cola-Cola’s dividend should be very safe for the foreseeable future, with a payout ratio of just over 70% in 2021 and the company’s net debt-to-EBITDA ratio expected to fall below 2x by 2024.