Coca-Cola (NYSE:KO) Stock Price Down 1% – Here’s What Happened

The Coca-Cola Company (NYSE:KO)’s share price fell 1% during trading on Monday . The company traded as low as $61.68 and last traded at $61.81. 2,149,732 shares changed hands during trading, a decline of 85% from the average session volume of 13,964,419 shares. The stock had previously closed at $62.45.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a research note on Thursday, September 5th. Truist Financial raised their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Wells Fargo & Company lowered their price objective on shares of Coca-Cola from $78.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday, December 2nd. Deutsche Bank Aktiengesellschaft raised shares of Coca-Cola from a “hold” rating to a “buy” rating and increased their price objective for the company from $68.00 to $70.00 in a research note on Thursday, December 12th. Finally, Barclays decreased their target price 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. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $72.50.

Coca-Cola Price Performance

The company has a fifty day simple moving average of $63.69 and a 200 day simple moving average of $66.59. The stock has a market capitalization of $268.20 billion, a price-to-earnings ratio of 25.73, a P/E/G ratio of 3.83 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 (NYSE:KO) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. The company had revenue of $11.85 billion for the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The firm’s quarterly revenue was down .8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 earnings per share. Equities research analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend was Friday, November 29th. Coca-Cola’s dividend payout ratio (DPR) is presently 80.17%.

Insider Buying and Selling

In related news, CEO James Quincey sold 100,000 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $64.03, for a total transaction of $6,403,000.00. Following the sale, the chief executive officer now owns 342,546 shares in the company, valued at $21,933,220.38. This represents a 22.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.97% of the stock is owned by insiders.

Hedge Funds Weigh In On Coca-Cola

Institutional investors have recently added to or reduced their stakes in the business. Harvest Portfolios Group Inc. bought a new stake in shares of Coca-Cola in the 3rd quarter valued at $18,383,000. Balentine LLC boosted its stake in Coca-Cola by 92.4% during the third quarter. Balentine LLC now owns 28,493 shares of the company’s stock worth $2,048,000 after acquiring an additional 13,685 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its holdings in Coca-Cola by 104.9% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company’s stock worth $8,351,000 after purchasing an additional 59,503 shares during the period. CIBC Asset Management Inc increased its stake in Coca-Cola by 5.8% in the third quarter. CIBC Asset Management Inc now owns 850,802 shares of the company’s stock valued at $61,122,000 after purchasing an additional 46,541 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in shares of Coca-Cola by 4.8% during the third quarter. State of Alaska Department of Revenue now owns 457,782 shares of the company’s stock valued at $32,895,000 after purchasing an additional 21,005 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

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.