Coca-Cola (NYSE:KO) Price Target Raised to $70.00 at TD Cowen

Coca-Cola (NYSE:KO) had its target price increased by TD Cowen from $65.00 to $70.00 in a research note published on Thursday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. increased their price objective on Coca-Cola from $68.00 to $72.00 and gave the company an overweight rating in a report on Wednesday, July 10th. BNP Paribas began coverage on Coca-Cola in a report on Monday, June 24th. They set an outperform rating and a $72.00 price objective for the company. Wells Fargo & Company raised their price target on Coca-Cola from $70.00 to $73.00 and gave the stock an overweight rating in a report on Wednesday. Royal Bank of Canada raised their price target on Coca-Cola from $65.00 to $68.00 and gave the stock an outperform rating in a report on Wednesday. Finally, Barclays raised their price target on Coca-Cola from $69.00 to $70.00 and gave the stock an overweight rating in a report on Thursday. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Coca-Cola has an average rating of Moderate Buy and a consensus price target of $70.25.

Coca-Cola Stock Performance

Shares of Coca-Cola stock opened at $66.42 on Thursday. The company has a market cap of $286.13 billion, a PE ratio of 26.43, a price-to-earnings-growth ratio of 3.71 and a beta of 0.59. Coca-Cola has a 52 week low of $51.55 and a 52 week high of $66.89. The business has a 50 day moving average price of $63.40 and a 200-day moving average price of $61.44. The company has a quick ratio of 0.86, a current ratio of 1.08 and a debt-to-equity ratio of 1.39.

Coca-Cola (NYSE:KO) last released its earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.03. The company had revenue of $12.40 billion during the quarter, compared to analyst estimates of $11.78 billion. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. Coca-Cola’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.78 earnings per share. Equities analysts anticipate that Coca-Cola will post 2.84 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

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. The ex-dividend date was Friday, June 14th. This represents a $1.94 annualized dividend and a dividend yield of 2.92%. Coca-Cola’s dividend payout ratio is currently 77.60%.

Insider Transactions at Coca-Cola

In other news, major shareholder Cola Co Coca sold 598,619 shares of Coca-Cola stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $925.00, for a total value of $553,722,575.00. Following the transaction, the insider now owns 1,883,546 shares in the company, valued at $1,742,280,050. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Beatriz R. Perez sold 57,298 shares of the firm’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 directly owns 167,107 shares of the company’s stock, valued at $10,358,962.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Cola Co Coca sold 598,619 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $925.00, for a total value of $553,722,575.00. Following the completion of the sale, the insider now directly owns 1,883,546 shares in the company, valued at $1,742,280,050. 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

Large investors have recently modified their holdings of the business. Patrick M Sweeney & Associates Inc. bought a new stake in Coca-Cola during the 4th quarter valued at approximately $410,000. Beacon Pointe Advisors LLC boosted its position in Coca-Cola by 24.7% during the 4th quarter. Beacon Pointe Advisors LLC now owns 450,523 shares of the company’s stock valued at $26,549,000 after acquiring an additional 89,139 shares in the last quarter. Birchcreek Wealth Management LLC boosted its position in Coca-Cola by 12.6% during the 4th quarter. Birchcreek Wealth Management LLC now owns 4,539 shares of the company’s stock valued at $267,000 after acquiring an additional 507 shares in the last quarter. Smart Money Group LLC boosted its position in Coca-Cola by 21.6% during the 4th quarter. Smart Money Group LLC now owns 4,932 shares of the company’s stock valued at $291,000 after acquiring an additional 877 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its position in Coca-Cola by 13.4% during the 4th quarter. Hexagon Capital Partners LLC now owns 12,621 shares of the company’s stock valued at $744,000 after acquiring an additional 1,495 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

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.