Coca-Cola (NYSE:KO) Shares Down 0.4% After Analyst Downgrade

The Coca-Cola Company (NYSE:KO)’s stock price traded down 0.4% during trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $78.00 to $75.00. Wells Fargo & Company currently has an overweight rating on the stock. Coca-Cola traded as low as $63.03 and last traded at $63.41. 5,122,844 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 13,524,892 shares. The stock had previously closed at $63.65.

Other equities research analysts also recently issued research reports about the stock. Barclays lowered their price objective on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Truist Financial raised their price target on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Morgan Stanley dropped their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Finally, Cfra reiterated a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Coca-Cola presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.14.

Insider Activity

In related news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were 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 in the company, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their position. The sale 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 owned by insiders.

Hedge Funds Weigh In On Coca-Cola

Large investors have recently made changes to their positions in the business. New Millennium Group LLC purchased a new position in Coca-Cola during the second quarter valued at approximately $26,000. Quarry LP purchased a new position in shares of Coca-Cola during the 2nd quarter valued at $27,000. Hara Capital LLC acquired a new position in shares of Coca-Cola in the third quarter worth $35,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Coca-Cola during the third quarter worth $36,000. Finally, Mount Lucas Management LP purchased a new position in Coca-Cola in the second quarter valued at about $38,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Coca-Cola Stock Performance

The firm has a 50-day simple moving average of $67.07 and a two-hundred day simple moving average of $66.61. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53. The company has a market capitalization of $273.67 billion, a price-to-earnings ratio of 26.20, a price-to-earnings-growth ratio of 3.89 and a beta of 0.61.

Coca-Cola (NYSE:KO) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. The firm had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The firm’s revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.74 earnings per share. As a group, sell-side analysts forecast that The Coca-Cola Company will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

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 issued a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio is presently 80.17%.

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.