Coca-Cola (NYSE:KO) Shares Gap Up After Strong Earnings

The Coca-Cola Company (NYSE:KO) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $64.55, but opened at $67.50. Coca-Cola shares last traded at $66.93, with a volume of 6,052,501 shares changing hands.

The company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%.

Analysts Set New Price Targets

KO has been the subject of a number of analyst reports. Truist Financial lifted their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Morgan Stanley dropped their price objective on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Royal Bank of Canada reissued an “outperform” rating and set a $69.00 target price on shares of Coca-Cola in a report on Thursday, February 6th. TD Cowen raised shares of Coca-Cola from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Wednesday, January 8th. Finally, Piper Sandler decreased their price target on shares of Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.19.

Hedge Funds Weigh In On Coca-Cola

Several large investors have recently added to or reduced their stakes in KO. Annex Advisory Services LLC raised its position in Coca-Cola by 11.3% in the third quarter. Annex Advisory Services LLC now owns 7,558 shares of the company’s stock worth $543,000 after acquiring an additional 769 shares during the period. Carnegie Investment Counsel increased its position in Coca-Cola by 0.9% in the third quarter. Carnegie Investment Counsel now owns 82,488 shares of the company’s stock worth $5,927,000 after buying an additional 761 shares during the last quarter. Rise Advisors LLC boosted its position in shares of Coca-Cola by 2.8% in the third quarter. Rise Advisors LLC now owns 7,762 shares of the company’s stock valued at $558,000 after acquiring an additional 214 shares during the period. Redhawk Wealth Advisors Inc. grew its stake in Coca-Cola by 41.3% during the third quarter. Redhawk Wealth Advisors Inc. now owns 8,464 shares of the company’s stock valued at $608,000 after acquiring an additional 2,475 shares in the last quarter. Finally, Willis Investment Counsel increased its holdings in Coca-Cola by 6.2% during the 3rd quarter. Willis Investment Counsel now owns 11,040 shares of the company’s stock worth $793,000 after acquiring an additional 643 shares during the period. Institutional investors own 70.26% of the company’s stock.

Coca-Cola Stock Up 3.4 %

The company’s 50 day simple moving average is $62.55 and its 200-day simple moving average is $66.31. The firm has a market capitalization of $287.47 billion, a PE ratio of 27.65, a PEG ratio of 3.55 and a beta of 0.61. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06.

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.