Coca-Cola (NYSE:KO) Stock Price Down 0.5% – Here’s What Happened

Shares of The Coca-Cola Company (NYSE:KOGet Free Report) were down 0.5% during mid-day trading on Friday . The company traded as low as $63.42 and last traded at $63.74. Approximately 2,422,699 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 15,660,497 shares. The stock had previously closed at $64.05.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on KO shares. JPMorgan Chase & Co. dropped their price target on Coca-Cola from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday. Barclays decreased their price objective on Coca-Cola from $73.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, January 17th. Truist Financial upped their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Piper Sandler decreased their price objective on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Finally, Wells Fargo & Company decreased their price objective on Coca-Cola from $75.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.13.

Check Out Our Latest Stock Analysis on KO

Coca-Cola Stock Performance

The firm has a fifty day simple moving average of $62.65 and a 200-day simple moving average of $66.37. The company has a market cap of $274.26 billion, a PE ratio of 26.29, a price-to-earnings-growth ratio of 3.52 and a beta of 0.61. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53.

Insiders Place Their Bets

In other news, CEO James Quincey sold 100,000 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the completion of the sale, the chief executive officer now owns 342,546 shares in the company, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Coca-Cola

A number of hedge funds have recently added to or reduced their stakes in KO. Quarry LP acquired a new stake in shares of Coca-Cola during the 2nd quarter valued at approximately $27,000. Sanctuary Advisors LLC acquired a new stake in shares of Coca-Cola during the 2nd quarter valued at approximately $23,007,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Coca-Cola by 84.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,007,300 shares of the company’s stock valued at $64,115,000 after acquiring an additional 460,453 shares during the period. Ashburton Jersey Ltd acquired a new stake in shares of Coca-Cola during the 2nd quarter valued at approximately $828,000. Finally, Mattson Financial Services LLC acquired a new stake in shares of Coca-Cola during the 2nd quarter valued at approximately $2,636,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Coca-Cola

(Get Free Report)

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.

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