CocaCola (NYSE:KO) Trading 2.2% Higher on Analyst Upgrade

CocaCola Company (The) (NYSE:KO)’s stock price shot up 2.2% during mid-day trading on Friday after Bank of America raised their price target on the stock from $78.00 to $80.00. Bank of America currently has a buy rating on the stock. CocaCola traded as high as $70.87 and last traded at $70.6130. 25,079,637 shares changed hands during mid-day trading, an increase of 49% from the average session volume of 16,789,547 shares. The stock had previously closed at $69.06.

Several other brokerages also recently weighed in on KO. Evercore ISI reaffirmed an “outperform” rating on shares of CocaCola in a report on Tuesday, October 21st. Royal Bank Of Canada set a $76.00 price objective on CocaCola and gave the company an “outperform” rating in a report on Monday, July 21st. TD Cowen boosted their target price on CocaCola from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “buy (b-)” rating on shares of CocaCola in a report on Wednesday, October 8th. Finally, UBS Group decreased their price target on CocaCola from $84.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, September 11th. One analyst has rated the stock with a Strong Buy rating and sixteen have assigned a Buy rating to the company. According to MarketBeat, CocaCola currently has an average rating of “Buy” and a consensus price target of $78.43.

Insider Buying and Selling

In related news, Director Max R. Levchin acquired 7,206 shares of the business’s stock in a transaction that occurred on Friday, October 24th. The stock was purchased at an average cost of $69.87 per share, for a total transaction of $503,483.22. Following the transaction, the director directly owned 14,267 shares of the company’s stock, valued at approximately $996,835.29. This trade represents a 102.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Monica Howard Douglas sold 13,548 shares of the stock in a transaction on Friday, October 24th. The shares were sold at an average price of $69.93, for a total value of $947,411.64. Following the sale, the executive vice president owned 37,725 shares in the company, valued at approximately $2,638,109.25. This trade represents a 26.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On CocaCola

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC raised its holdings in CocaCola by 13.3% in the 4th quarter. Brighton Jones LLC now owns 39,072 shares of the company’s stock valued at $2,433,000 after acquiring an additional 4,591 shares during the last quarter. Revolve Wealth Partners LLC grew its position in shares of CocaCola by 3.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 8,795 shares of the company’s stock valued at $548,000 after purchasing an additional 293 shares during the period. Leavell Investment Management Inc. increased its stake in CocaCola by 1.3% in the first quarter. Leavell Investment Management Inc. now owns 77,132 shares of the company’s stock valued at $5,563,000 after purchasing an additional 956 shares during the last quarter. Ascent Capital Management LLC purchased a new position in CocaCola during the first quarter worth about $232,000. Finally, Forza Wealth Management LLC acquired a new stake in CocaCola in the 1st quarter worth about $200,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

CocaCola Stock Performance

The company has a market cap of $303.75 billion, a price-to-earnings ratio of 23.38, a P/E/G ratio of 3.57 and a beta of 0.43. The company has a current ratio of 1.21, a quick ratio of 1.00 and a debt-to-equity ratio of 1.30. The stock’s 50 day moving average price is $67.72 and its 200 day moving average price is $69.58.

CocaCola (NYSE:KO) last released its earnings results on Thursday, March 27th. The company reported $0.55 earnings per share (EPS) for the quarter. CocaCola had a net margin of 27.34% and a return on equity of 43.62%. The firm had revenue of $11.40 billion during the quarter. On average, analysts expect that CocaCola Company will post 2.96 EPS for the current fiscal year.

CocaCola Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Monday, December 1st. CocaCola’s payout ratio is 67.55%.

CocaCola 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.