Coca-Cola (NYSE:KO) Stock Price Up 0.6% Following Dividend Announcement

Shares of The Coca-Cola Company (NYSE:KO) rose 0.6% during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as $67.29 and last traded at $67.22. Approximately 2,913,480 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 12,822,510 shares. The stock had previously closed at $66.83.

The newly announced dividend which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Friday, September 13th. Coca-Cola’s dividend payout ratio (DPR) is 77.60%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Morgan Stanley raised their price objective on Coca-Cola from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Evercore ISI lifted their price target on Coca-Cola from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Bank of America raised their target price on shares of Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Finally, BNP Paribas began coverage on shares of Coca-Cola in a report on Monday, June 24th. They issued an “outperform” rating and a $72.00 price target on the stock. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Coca-Cola has an average rating of “Moderate Buy” and a consensus target price of $70.20.

Coca-Cola Stock Performance

The stock has a market cap of $289.58 billion, a price-to-earnings ratio of 26.89, a price-to-earnings-growth ratio of 3.75 and a beta of 0.59. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.08 and a quick ratio of 0.92. The stock’s 50-day moving average is $63.56 and its 200-day moving average is $61.56.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03. The business had revenue of $12.40 billion for the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.78 earnings per share. Analysts anticipate that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Beatriz R. Perez sold 57,298 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $61.99, for a total transaction of $3,551,903.02. Following the completion of the transaction, the executive vice president now owns 167,107 shares of the company’s stock, valued at approximately $10,358,962.93. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Nancy Quan sold 19,304 shares of Coca-Cola stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total value of $1,253,987.84. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at $14,507,516.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Beatriz R. Perez sold 57,298 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $61.99, for a total value of $3,551,903.02. Following the sale, the executive vice president now owns 167,107 shares of the company’s stock, valued at $10,358,962.93. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 841,588 shares of company stock valued at $568,972,027. Insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Coca-Cola

Several hedge funds and other institutional investors have recently modified their holdings of the company. PFG Advisors lifted its position in Coca-Cola by 10.2% during the fourth quarter. PFG Advisors now owns 13,861 shares of the company’s stock valued at $817,000 after buying an additional 1,288 shares in the last quarter. AdvisorNet Financial Inc lifted its holdings in shares of Coca-Cola by 3.2% during the 4th quarter. AdvisorNet Financial Inc now owns 12,462 shares of the company’s stock valued at $734,000 after acquiring an additional 390 shares in the last quarter. Miracle Mile Advisors LLC lifted its holdings in shares of Coca-Cola by 293.0% during the 4th quarter. Miracle Mile Advisors LLC now owns 80,586 shares of the company’s stock valued at $4,749,000 after acquiring an additional 60,083 shares in the last quarter. Bridge Creek Capital Management LLC boosted its position in Coca-Cola by 0.4% during the 4th quarter. Bridge Creek Capital Management LLC now owns 81,586 shares of the company’s stock worth $4,808,000 after purchasing an additional 310 shares during the period. Finally, Veracity Capital LLC increased its holdings in Coca-Cola by 1.1% in the 4th quarter. Veracity Capital LLC now owns 31,759 shares of the company’s stock valued at $1,872,000 after purchasing an additional 355 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

About Coca-Cola

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.