Coca-Cola (NYSE:KO) Rating Increased to Buy at TD Cowen

TD Cowen upgraded shares of Coca-Cola (NYSE:KO) from a hold rating to a buy rating in a report released on Wednesday, Marketbeat reports. The firm currently has $75.00 target price on the stock.

Other analysts have also recently issued research reports about the stock. Piper Sandler assumed coverage on shares of Coca-Cola in a report on Tuesday. They set an “overweight” rating and a $74.00 price objective on the stock. Morgan Stanley reduced their price target on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Barclays dropped their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Truist Financial boosted their target price on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company dropped their price target on Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $72.60.

Coca-Cola Price Performance

NYSE:KO opened at $60.98 on Wednesday. Coca-Cola has a 52 week low of $57.93 and a 52 week high of $73.53. The stock’s fifty day moving average is $62.91 and its two-hundred day moving average is $66.46. The company has a market capitalization of $262.69 billion, a P/E ratio of 25.20, a P/E/G ratio of 3.83 and a beta of 0.61. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The company had revenue of $11.85 billion for the quarter, compared to analysts’ expectations of $11.61 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. Coca-Cola’s revenue for the quarter was down .8% compared to the same quarter last year. Equities analysts expect that Coca-Cola will post 2.85 EPS for the current year.

Coca-Cola Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is 80.17%.

Insider Activity at Coca-Cola

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This trade 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. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Coca-Cola

A number of large investors have recently made changes to their positions in KO. Quarry LP acquired a new stake in shares of Coca-Cola during the 2nd quarter valued at approximately $27,000. Hara Capital LLC acquired a new position in Coca-Cola during the third quarter worth $35,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Coca-Cola during the third quarter worth $36,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Coca-Cola in the third quarter valued at $43,000. Finally, ORG Wealth Partners LLC acquired a new position in shares of Coca-Cola during the 3rd quarter worth $58,000. 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.