Billionaire Israel Englander Sold 59% of Millennium’s Stake in Palantir and Has Opted to Pile Into a Stock Consumers Absolutely Adore
2024-10-21 12:06:00
Last week, Wall Street kicked off earnings season. This marks a roughly six-week stretch where most S&P 500 companies will lift their proverbial hoods and report their quarterly operating results from the most recent quarter. While these reports help to paint a picture regarding the health of the U.S. economy and stocks, in general, there’s another group of data releases that are, arguably, even more important.
Every quarter, institutional investors with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. A 13F allows investors an over-the-shoulder look to see what Wall Street’s smartest money managers bought and sold in the latest quarter. August 14 marked the filing deadline for second-quarter trading activity, and is potentially the most important data release in recent months.
Let’s not forget that Coca-Cola has one of the most impressive capital-return programs, too. While the company’s board does, occasionally, authorize share buybacks, it’s the dividend that does the talking. In February, the company’s base annual payout increased for a 62nd consecutive year, which firmly establishes Coca-Cola as a Dividend King. You’ll only need the fingers on two hands to count how many public companies currently have a longer streak of continuous payout increases.
The final piece of the puzzle for Millennium’s investment team was, likely, Coca-Cola’s valuation. Although its forward P/E is currently in-line with its trailing-five-year average, shares were trading at a notable discount to this average during the second quarter.
While Coca-Cola isn’t going to knock investor’s socks off in the growth department, its well-defined competitive advantages and superior dividend continue to deliver for patient shareholders.
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Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway and Palantir Technologies. The Motley Fool has a disclosure policy.
Billionaire Israel Englander Sold 59% of Millennium’s Stake in Palantir and Has Opted to Pile Into a Stock Consumers Absolutely Adore was originally published by The Motley Fool
