Coca-Cola (NYSE:KO) Stock Price Down 0.8% – Here’s What Happened

The Coca-Cola Company (NYSE:KO)’s share price dropped 0.8% on Tuesday . The company traded as low as $65.81 and last traded at $66.12. Approximately 3,996,026 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 13,194,393 shares. The stock had previously closed at $66.67.

Wall Street Analyst Weigh In

KO has been the subject of several analyst reports. StockNews.com cut Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Royal Bank of Canada boosted their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Truist Financial raised 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. Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Finally, Wells Fargo & Company raised their price target on Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.80.

Coca-Cola Stock Performance

The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39. The firm has a market capitalization of $282.59 billion, a PE ratio of 27.12, a PEG ratio of 3.91 and a beta of 0.60. The stock’s 50 day moving average price is $70.47 and its two-hundred day moving average price is $66.22.

Coca-Cola (NYSE:KO) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The company had revenue of $11.85 billion during the quarter, compared to the consensus estimate of $11.61 billion. During the same quarter last year, the business posted $0.74 earnings per share. Coca-Cola’s revenue was down .8% compared to the same quarter last year. On average, equities analysts expect that The Coca-Cola Company will post 2.85 earnings per share for the current year.

Coca-Cola Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.485 per share. The ex-dividend date is Friday, November 29th. This represents a $1.94 annualized dividend and a dividend yield of 2.96%. Coca-Cola’s dividend payout ratio is currently 80.17%.

Insider Activity

In related news, insider Bruno Pietracci sold 38,653 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO James Quincey sold 102,533 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total value of $7,179,360.66. Following the completion of the sale, the chief executive officer now directly owns 442,546 shares in the company, valued at approximately $30,987,070.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bruno Pietracci sold 38,653 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The disclosure for this sale can be found here. Insiders sold a total of 319,005 shares of company stock valued at $22,198,147 over the last 90 days. Insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Coca-Cola

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KO. New Millennium Group LLC acquired a new position in Coca-Cola during the 2nd quarter worth $26,000. Quarry LP acquired a new stake in Coca-Cola in the 2nd quarter valued at approximately $27,000. ESL Trust Services LLC bought a new stake in shares of Coca-Cola during the 1st quarter worth about $28,000. DiNuzzo Private Wealth Inc. boosted its stake in Coca-Cola by 65.0% during the first quarter. DiNuzzo Private Wealth Inc. now owns 523 shares of the company’s stock valued at $32,000 after buying an additional 206 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new stake in Coca-Cola during the third quarter valued at approximately $36,000. Hedge funds and other 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.