The Coca-Cola Company (NYSE:KO – Get Free Report)’s share price fell 1.5% during mid-day trading on Wednesday . The company traded as low as $62.50 and last traded at $62.55. 3,656,805 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 13,562,847 shares. The stock had previously closed at $63.52.
Wall Street Analyst Weigh In
A number of research firms have weighed in on KO. Barclays reduced their target price on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Truist Financial boosted their price objective on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Morgan Stanley cut their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Finally, Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Coca-Cola has an average rating of “Moderate Buy” and a consensus target price of $72.14.
Check Out Our Latest Stock Report on Coca-Cola
Coca-Cola Stock Performance
Coca-Cola (NYSE:KO – Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The business had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. During the same quarter in the prior year, the company earned $0.74 earnings per share. The firm’s quarterly revenue was down .8% compared to the same quarter last year. On average, sell-side analysts predict that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.
Coca-Cola Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a dividend yield of 3.12%. Coca-Cola’s dividend payout ratio (DPR) is presently 80.17%.
Insider Activity at Coca-Cola
In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $64.03, for a total value of $6,403,000.00. Following the transaction, the chief executive officer now owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.97% of the stock is currently owned by insiders.
Institutional Trading of Coca-Cola
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Guinness Asset Management LTD grew its holdings in Coca-Cola by 25.9% during the 2nd quarter. Guinness Asset Management LTD now owns 2,927,991 shares of the company’s stock valued at $186,388,000 after buying an additional 601,696 shares in the last quarter. Butensky & Cohen Financial Security Inc. boosted its holdings in shares of Coca-Cola by 0.7% in the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 70,332 shares of the company’s stock worth $4,477,000 after purchasing an additional 486 shares during the period. CX Institutional boosted its holdings in shares of Coca-Cola by 1.3% in the 2nd quarter. CX Institutional now owns 94,316 shares of the company’s stock worth $6,003,000 after purchasing an additional 1,254 shares during the period. Prentice Wealth Management LLC boosted its holdings in shares of Coca-Cola by 2.3% in the 2nd quarter. Prentice Wealth Management LLC now owns 9,240 shares of the company’s stock worth $588,000 after purchasing an additional 211 shares during the period. Finally, Jamison Private Wealth Management Inc. boosted its holdings in shares of Coca-Cola by 3.9% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 143,346 shares of the company’s stock worth $9,124,000 after purchasing an additional 5,378 shares during the period. Institutional investors own 70.26% of the company’s stock.
Coca-Cola Company Profile
The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks, sparkling flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and other beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
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