5 Best Defensive Stocks to Buy According to Ray Dalio

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

Bridgewater Associates’ Stake Value: $680,734,000 

Percentage of Bridgewater Associates’ 13F Portfolio: 2.88%

Number of Hedge Fund Holders: 60

On July 26, The Coca-Cola Company (NYSE:KO) announced earnings for the second quarter of fiscal 2022. The company reported sales of $11.3 billion, up 11.6% year over year, and outperformed Wall Street estimates by $737 million. The company reported earnings per share of $0.70 and beat expectations by $0.03. Shares of The Coca-Cola Company (NYSE:KO) have appreciated by 12% over the past 12 months, as of September 21.

Wall Street analysts are bullish on The Coca-Cola Company (NYSE:KO). On July 27, Deutsche Bank analyst Steve Powers maintained a Hold rating on the stock and raised his price target to $65 from $64. On September 6, HSBC analyst Carlos Laboy raised his price target on The Coca-Cola Company (NYSE:KO) to $76 from $72 and maintained a Buy rating on the shares.

At the end of the second quarter of 2022, 60 hedge funds were eager on The Coca-Cola Company (NYSE:KO) and held stakes worth $28.3 billion in the company. As of June 30, Bridgewater Associates’ stake in The Coca-Cola Company (NYSE:KO) is valued at $680.7 million. The investment covers 2.88% of Ray Dalio’s 13F portfolio.