TD Cowen Boosts Coca-Cola (NYSE:KO) Price Target to $70.00

Coca-Cola (NYSE:KO) had its price objective lifted by TD Cowen from $65.00 to $70.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a hold rating on the stock.

Several other equities analysts also recently issued reports on the stock. Argus increased their price objective on shares of Coca-Cola from $70.00 to $72.00 and gave the company a buy rating in a report on Wednesday, May 22nd. Barclays lifted their price objective on Coca-Cola from $69.00 to $70.00 and gave the stock an overweight rating in a report on Thursday. Truist Financial increased their target price on Coca-Cola from $65.00 to $70.00 and gave the company a buy rating in a report on Thursday. Bank of America lifted their price target on Coca-Cola from $68.00 to $70.00 and gave the stock a buy rating in a research note on Wednesday, July 10th. Finally, Morgan Stanley increased their price objective on Coca-Cola from $68.00 to $70.00 and gave the company an overweight rating in a research note on Monday, June 10th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $70.20.

Coca-Cola Price Performance

Shares of Coca-Cola stock opened at $67.05 on Thursday. The firm has a market cap of $288.85 billion, a PE ratio of 26.82, a P/E/G ratio of 3.75 and a beta of 0.59. Coca-Cola has a twelve month low of $51.55 and a twelve month high of $67.11. The company has a quick ratio of 0.86, a current ratio of 1.08 and a debt-to-equity ratio of 1.39. The business has a 50-day moving average price of $63.48 and a 200 day moving average price of $61.50.

Coca-Cola (NYSE:KO) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. Coca-Cola had a return on equity of 43.62% and a net margin of 22.92%. The business had revenue of $12.40 billion during the quarter, compared to analysts’ expectations of $11.78 billion. During the same period in the previous year, the business earned $0.78 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. Sell-side analysts predict that Coca-Cola will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a dividend of $0.485 per share. The ex-dividend date was Friday, June 14th. This represents a $1.94 annualized dividend and a dividend yield of 2.89%. Coca-Cola’s payout ratio is 77.60%.

Insider Buying and Selling

In other Coca-Cola news, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $925.00, for a total value of $553,722,575.00. Following the transaction, the insider now directly owns 1,883,546 shares in the company, valued at approximately $1,742,280,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Beatriz R. Perez sold 57,298 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $61.99, for a total transaction of $3,551,903.02. Following the completion of the transaction, the executive vice president now directly owns 167,107 shares in the company, valued at approximately $10,358,962.93. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the completion of the sale, the insider now owns 1,883,546 shares in the company, valued at $1,742,280,050. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 841,588 shares of company stock worth $568,972,027. Insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Patrick M Sweeney & Associates Inc. purchased a new stake in Coca-Cola in the fourth quarter valued at approximately $410,000. Beacon Pointe Advisors LLC raised its holdings in shares of Coca-Cola by 24.7% in the 4th quarter. Beacon Pointe Advisors LLC now owns 450,523 shares of the company’s stock valued at $26,549,000 after buying an additional 89,139 shares during the period. Birchcreek Wealth Management LLC lifted its stake in Coca-Cola by 12.6% during the 4th quarter. Birchcreek Wealth Management LLC now owns 4,539 shares of the company’s stock worth $267,000 after acquiring an additional 507 shares in the last quarter. Smart Money Group LLC boosted its holdings in Coca-Cola by 21.6% during the 4th quarter. Smart Money Group LLC now owns 4,932 shares of the company’s stock valued at $291,000 after acquiring an additional 877 shares during the period. Finally, Hexagon Capital Partners LLC grew its position in Coca-Cola by 13.4% in the 4th quarter. Hexagon Capital Partners LLC now owns 12,621 shares of the company’s stock valued at $744,000 after acquiring an additional 1,495 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

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.