Wells Fargo & Company Cuts Coca-Cola (NYSE:KO) Price Target to $70.00

Coca-Cola (NYSE:KO) had its target price reduced by Wells Fargo & Company from $75.00 to $70.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley reduced their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Truist Financial lifted their price objective on Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Piper Sandler initiated coverage on Coca-Cola in a research note on Tuesday. They issued an “overweight” rating and a $74.00 price objective for the company. Finally, Barclays lowered their target price on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Coca-Cola currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.60.

Coca-Cola Price Performance

NYSE:KO opened at $61.73 on Tuesday. Coca-Cola has a 52 week low of $57.93 and a 52 week high of $73.53. The company has a quick ratio of 0.90, a current ratio of 1.06 and a debt-to-equity ratio of 1.53. The company has a market capitalization of $265.92 billion, a P/E ratio of 25.51, a P/E/G ratio of 3.83 and a beta of 0.61. The stock’s fifty day moving average is $62.99 and its two-hundred day moving average is $66.48.

Coca-Cola (NYSE:KO) last posted its earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. During the same quarter in the previous year, the business earned $0.74 earnings per share. The company’s revenue for the quarter was down .8% on a year-over-year basis. Equities analysts expect that Coca-Cola will post 2.85 EPS for the current year.

Coca-Cola Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, November 29th. Coca-Cola’s payout ratio is currently 80.17%.

Insider Buying and Selling at Coca-Cola

In other news, CEO James Quincey sold 100,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 342,546 shares of the company’s stock, valued at approximately $21,933,220.38. This represents a 22.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coca-Cola

Large investors have recently modified their holdings of the business. Harvest Portfolios Group Inc. acquired a new stake in shares of Coca-Cola in the 3rd quarter worth approximately $18,383,000. Balentine LLC grew its holdings in Coca-Cola by 92.4% during the 3rd quarter. Balentine LLC now owns 28,493 shares of the company’s stock valued at $2,048,000 after buying an additional 13,685 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Coca-Cola by 104.9% during 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 period. CIBC Asset Management Inc lifted its stake in shares of Coca-Cola by 5.8% during 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 during the period. Finally, State of Alaska Department of Revenue lifted its stake in shares of 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 worth $32,895,000 after purchasing an additional 21,005 shares during the period. 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.