Coca-Cola (NYSE:KO) Shares Down 0.5% – Here’s Why

The Coca-Cola Company (NYSE:KO) was down 0.5% on Friday . The company traded as low as $63.11 and last traded at $63.52. Approximately 3,185,413 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 13,803,639 shares. The stock had previously closed at $63.84.

Analysts Set New Price Targets

A number of research firms have recently issued reports on KO. Morgan Stanley cut their price objective on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Truist Financial lifted their target price on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Barclays reduced their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Cfra restated a “hold” rating on shares of Coca-Cola in a research report on Thursday, September 5th. Finally, Wells Fargo & Company lowered their price objective on Coca-Cola from $78.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday, December 2nd. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $72.50.

Coca-Cola Stock Performance

The business’s 50 day simple moving average is $65.55 and its two-hundred day simple moving average is $66.57. The firm has a market capitalization of $273.50 billion, a P/E ratio of 26.25, a price-to-earnings-growth ratio of 3.81 and a beta of 0.61. The company has a current ratio of 1.06, a quick ratio of 0.90 and a debt-to-equity ratio of 1.53.

Coca-Cola (NYSE:KO) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping 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 company 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 business earned $0.74 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. Sell-side analysts anticipate that The Coca-Cola Company will post 2.85 EPS 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. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a yield of 3.06%. Coca-Cola’s payout ratio is 80.17%.

Insider Buying and Selling 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 transaction, the chief executive officer now directly 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 document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.97% of the company’s stock.

Institutional Trading of Coca-Cola

Several institutional investors and hedge funds have recently made changes to their positions in KO. New Millennium Group LLC bought a new position in shares of Coca-Cola in the 2nd quarter worth $26,000. Quarry LP purchased a new position in shares of Coca-Cola in the 2nd quarter worth approximately $27,000. Hara Capital LLC bought a new position in shares of Coca-Cola during the 3rd quarter worth approximately $35,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Coca-Cola during the third quarter valued at approximately $36,000. Finally, Mount Lucas Management LP purchased a new position in Coca-Cola in the second quarter worth $38,000. 70.26% of the stock is currently owned by institutional investors.

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.