Coca-Cola (NYSE:KO) Hits New 52-Week High After Earnings Beat

The Coca-Cola Company (NYSE:KO)’s stock price reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $66.04 and last traded at $65.28, with a volume of 3087282 shares. The stock had previously closed at $64.77.

The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. The company had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a net margin of 23.41% and a return on equity of 42.74%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the business earned $0.78 EPS.

Coca-Cola Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 2.98%. The ex-dividend date was Friday, June 14th. Coca-Cola’s payout ratio is presently 77.60%.

Analyst Ratings Changes

Several equities research analysts have issued reports on KO shares. Morgan Stanley raised their price target on Coca-Cola from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, June 10th. StockNews.com downgraded Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday. BNP Paribas started coverage on Coca-Cola in a report on Monday, June 24th. They set an “outperform” rating and a $72.00 price target for the company. Barclays raised their price target on Coca-Cola from $68.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Finally, Argus lifted their target price on Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Coca-Cola currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.00.

Insider Buying and Selling

In other Coca-Cola news, EVP Beatriz R. Perez sold 57,298 shares of Coca-Cola 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 transaction, the executive vice president now owns 167,107 shares in the company, valued at $10,358,962.93. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Coca-Cola news, EVP Nancy Quan sold 19,304 shares of Coca-Cola stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Beatriz R. Perez sold 57,298 shares of the business’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 in the company, valued at $10,358,962.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 841,588 shares of company stock worth $568,972,027. Company insiders own 0.97% of the company’s stock.

Institutional Trading of Coca-Cola

Hedge funds and other institutional investors have recently made changes to their positions in the company. ZRC Wealth Management LLC lifted its stake in shares of Coca-Cola by 213.3% in the fourth quarter. ZRC Wealth Management LLC now owns 470 shares of the company’s stock worth $26,000 after acquiring an additional 320 shares during the period. Tidemark LLC bought a new stake in Coca-Cola during the fourth quarter worth $26,000. Private Wealth Management Group LLC bought a new position in Coca-Cola in the 4th quarter valued at $27,000. Redmont Wealth Advisors LLC bought a new position in Coca-Cola in the 1st quarter valued at $28,000. Finally, ESL Trust Services LLC bought a new position in Coca-Cola in the 1st quarter valued at $28,000. 70.26% of the stock is currently owned by institutional investors.

Coca-Cola Price Performance

The stock has a market cap of $280.79 billion, a P/E ratio of 25.91, a P/E/G ratio of 3.70 and a beta of 0.59. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 1.04. The business has a 50 day simple moving average of $63.25 and a 200-day simple moving average of $61.34.

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.