Steve Cohen's Point72 Asset Management drastically reduced its investment in The Coca-Cola Company (KO), selling over 91% of its holdings during the second quarter of 2026. The firm sold approximately 2.39 million shares, decreasing its position from 2.62 million shares to just over 230,000. The estimated value of the shares sold is around $194.4 million, significantly drawing down Point72's once-substantial stake in the beverage giant.
The transactions, which occurred between April 1 and June 30, 2026, were disclosed in a mandatory 13F filing on August 14. This sale nearly eliminated the position from the fund's portfolio, reducing its weight from 0.26% to 0.02%. The move is notable as it came during a quarter where Coca-Cola reported strong financial results, beating analyst estimates for revenue and earnings.