Coca-Cola (NYSE:KO) Upgraded at TD Cowen

TD Cowen upgraded shares of Coca-Cola (NYSE:KO) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Marketbeat.com reports. TD Cowen currently has $75.00 price target on the stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company cut their price target on shares of Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday. Piper Sandler started coverage on Coca-Cola in a research note on Tuesday. They issued an “overweight” rating and a $74.00 target price for the company. Barclays dropped their price target 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. Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Finally, Truist Financial increased their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Coca-Cola currently has an average rating of “Moderate Buy” and an average price target of $72.60.

Coca-Cola Stock Performance

Shares of KO stock opened at $60.98 on Wednesday. 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 cap of $262.69 billion, a PE ratio of 25.20, a PEG ratio of 3.83 and a beta of 0.61. Coca-Cola has a 12-month low of $57.93 and a 12-month high of $73.53. The business’s fifty day simple moving average is $62.91 and its 200-day simple moving average is $66.46.

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

Coca-Cola Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $0.485 per share. The ex-dividend date was Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a yield of 3.18%. Coca-Cola’s dividend payout ratio is currently 80.17%.

Insider Activity

In related news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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 added to or reduced their stakes in KO. Strategic Financial Concepts LLC acquired a new position in shares of Coca-Cola during the second quarter valued at approximately $68,000. Prudential PLC boosted its stake in Coca-Cola by 45.9% during the 2nd quarter. Prudential PLC now owns 38,309 shares of the company’s stock worth $2,438,000 after purchasing an additional 12,051 shares during the last quarter. Carson Advisory Inc. grew its holdings in shares of Coca-Cola by 5.3% during the second quarter. Carson Advisory Inc. now owns 26,204 shares of the company’s stock worth $1,668,000 after buying an additional 1,321 shares in the last quarter. Angeles Wealth Management LLC lifted its stake in shares of Coca-Cola by 18.0% in the second quarter. Angeles Wealth Management LLC now owns 13,159 shares of the company’s stock worth $838,000 after buying an additional 2,010 shares in the last quarter. Finally, Vaughan David Investments LLC IL lifted its stake in shares of Coca-Cola by 0.5% in the second quarter. Vaughan David Investments LLC IL now owns 630,123 shares of the company’s stock worth $40,107,000 after buying an additional 2,912 shares in the last quarter. 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.