Coca-Cola (NYSE:KO) Shares Down 0.6% - Here's Why

Shares of The Coca-Cola Company (NYSE:KO - Get Free Report) traded down 0.6% during mid-day trading on Thursday . The stock traded as low as $62.40 and last traded at $62.47. 1,630,124 shares traded hands during trading, a decline of 88% from the average session volume of 14,008,507 shares. The stock had previously closed at $62.84.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Hsbc Global Res raised shares of Coca-Cola to a "strong-buy" rating in a research note on Friday, September 27th. Barclays lowered their target price on shares of Coca-Cola from $74.00 to $73.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. Cfra reaffirmed a "hold" rating on shares of Coca-Cola in a research note on Thursday, September 5th. Truist Financial upped their price objective on shares of Coca-Cola from $70.00 to $80.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. Finally, Morgan Stanley dropped their price objective on shares of Coca-Cola from $78.00 to $76.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $72.50.

Coca-Cola Stock Down 0.4 %

The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The firm has a market capitalization of $269.54 billion, a PE ratio of 25.86, a PEG ratio of 3.83 and a beta of 0.61. The company's 50 day simple moving average is $64.29 and its 200-day simple moving average is $66.59.

Coca-Cola (NYSE:KO - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.03. The firm had revenue of $11.85 billion for the quarter, compared to analyst estimates of $11.61 billion. Coca-Cola had a net margin of 22.45% and a return on equity of 44.01%. The business's revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.74 EPS. On average, analysts forecast that The Coca-Cola Company will post 2.85 EPS for the current fiscal year.

Coca-Cola Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Friday, November 29th. Coca-Cola's dividend payout ratio is currently 80.17%.

Insiders Place Their Bets

In other Coca-Cola news, CEO James Quincey sold 100,000 shares of the firm's 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 $21,933,220.38. This trade represents a 22.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.97% of the company's stock.

Institutional Investors Weigh In On Coca-Cola

Several institutional investors and hedge funds have recently modified their holdings of the stock. Harvest Portfolios Group Inc. purchased a new position in Coca-Cola during the 3rd quarter valued at about $18,383,000. Balentine LLC increased its holdings in shares of Coca-Cola by 92.4% during the third quarter. Balentine LLC now owns 28,493 shares of the company's stock valued at $2,048,000 after acquiring an additional 13,685 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its position in shares of Coca-Cola by 104.9% in the 3rd 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 last quarter. CIBC Asset Management Inc boosted its stake in Coca-Cola by 5.8% in the 3rd quarter. CIBC Asset Management Inc now owns 850,802 shares of the company's stock worth $61,122,000 after purchasing an additional 46,541 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in Coca-Cola by 4.8% during the 3rd 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 last quarter. 70.26% of the stock is owned by hedge funds and other 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.