Coca-Cola (NYSE:KO) Shares Down 0.6% – Here’s What Happened

The Coca-Cola Company (NYSE:KO) dropped 0.6% on Thursday . The stock traded as low as $62.40 and last traded at $62.47. Approximately 1,630,124 shares were traded during trading, a decline of 88% from the average daily volume of 14,008,507 shares. The stock had previously closed at $62.84.

Analyst Ratings Changes

Several analysts recently commented on KO shares. Truist Financial lifted their price objective on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Hsbc Global Res raised shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Wells Fargo & Company reduced their target price on shares of Coca-Cola from $78.00 to $75.00 and set an “overweight” rating for the company in a report on Monday, December 2nd. Barclays dropped 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 Friday, October 25th. Finally, Morgan Stanley decreased their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Coca-Cola has an average rating of “Moderate Buy” and a consensus price target of $72.50.

Coca-Cola Stock Performance

The business’s fifty day simple moving average is $63.99 and its 200-day simple moving average is $66.55. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The firm has a market capitalization of $269.02 billion, a PE ratio of 25.81, a price-to-earnings-growth ratio of 3.83 and a beta of 0.61.

Coca-Cola (NYSE:KO) last issued its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The firm had revenue of $11.85 billion during the quarter, compared to analyst estimates of $11.61 billion. During the same period in the previous year, the firm earned $0.74 earnings per share. The business’s revenue was down .8% on a year-over-year basis. As a group, equities research analysts expect that The Coca-Cola Company will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a $0.485 dividend. The ex-dividend date was Friday, November 29th. This represents a $1.94 annualized dividend and a yield of 3.11%. Coca-Cola’s dividend payout ratio (DPR) is 80.17%.

Insider Transactions at Coca-Cola

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was 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 of the company’s stock, valued at approximately $21,933,220.38. This trade represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 KO. Quarry LP purchased a new position in shares of Coca-Cola in the second quarter worth $27,000. Hara Capital LLC acquired a new stake in Coca-Cola during the 3rd quarter worth about $35,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Coca-Cola in the third quarter valued at about $36,000. Mount Lucas Management LP purchased a new position in shares of Coca-Cola in the second quarter worth about $38,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Coca-Cola in the third quarter valued at approximately $43,000. 70.26% of the stock is owned by hedge funds and other 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.