Traders Buy Coca-Cola Co. (KO) on Weakness
Investors bought shares of Coca-Cola Co. (NYSE:KO) on weakness during trading on Friday. $119.19 million flowed into the stock on the tick-up and $58.22 million flowed out of the stock on the tick-down, for a money net flow of $60.97 million into the stock. Of all equities tracked, Coca-Cola had the 4th highest net in-flow for the day. Coca-Cola traded down ($0.03) for the day and closed at $43.48
A number of equities research analysts have commented on KO shares. Zacks Investment Research upgraded shares of Coca-Cola from a “sell” rating to a “hold” rating in a research note on Tuesday, April 12th. Bank of America Corp. restated a “buy” rating and set a $52.00 target price on shares of Coca-Cola in a research note on Tuesday, April 12th. Royal Bank Of Canada restated a “buy” rating and set a $51.00 target price on shares of Coca-Cola in a research note on Wednesday, April 13th. Susquehanna reiterated a “hold” rating and set a $41.00 price objective on shares of Coca-Cola in a research report on Thursday, April 14th. Finally, Sanford C. Bernstein set a $50.00 price objective on shares of Coca-Cola and gave the company a “buy” rating in a research report on Thursday, April 14th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Coca-Cola has an average rating of “Hold” and a consensus target price of $47.12.
The firm’s 50 day moving average is $44.79 and its 200-day moving average is $44.63. The stock has a market capitalization of $187.66 billion and a PE ratio of 25.02.
Coca-Cola (NYSE:KO) last issued its earnings results on Wednesday, July 27th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.02. The business had revenue of $11.50 billion for the quarter, compared to analyst estimates of $11.69 billion. During the same period last year, the business posted $0.63 EPS. Coca-Cola’s revenue was down 5.1% on a year-over-year basis. Analysts anticipate that Coca-Cola Co. will post $1.91 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.22%. The ex-dividend date is Tuesday, September 13th.
In other news, insider Brian John Smith sold 50,000 shares of the firm’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $44.32, for a total transaction of $2,216,000.00. Following the sale, the insider now owns 70,947 shares of the company’s stock, valued at approximately $3,144,371.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP J Alexander Douglas, Jr. sold 572,748 shares of the firm’s stock in a transaction dated Monday, June 20th. The stock was sold at an average price of $45.25, for a total value of $25,916,847.00. Following the sale, the executive vice president now directly owns 291,675 shares in the company, valued at approximately $13,198,293.75. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in KO. Agran Libbie raised its position in Coca-Cola by 9,727.2% in the fourth quarter. Agran Libbie now owns 13,669,679 shares of the company’s stock valued at $5,872,000 after buying an additional 13,530,579 shares during the period. Vanguard Group Inc. raised its position in Coca-Cola by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 262,031,119 shares of the company’s stock valued at $11,256,857,000 after buying an additional 6,298,427 shares during the period. OppenheimerFunds Inc. raised its position in Coca-Cola by 60.5% in the fourth quarter. OppenheimerFunds Inc. now owns 1,823,862 shares of the company’s stock valued at $78,390,000 after buying an additional 687,626 shares during the period. Arcus Capital Partners LLC purchased a new position in Coca-Cola during the fourth quarter valued at approximately $28,104,000. Finally, Marshall Wace LLP raised its position in Coca-Cola by 97.4% in the fourth quarter. Marshall Wace LLP now owns 1,293,166 shares of the company’s stock valued at $55,554,000 after buying an additional 638,028 shares during the period.
The Coca-Cola Company is a beverage company. The Company owns or licenses and markets over 500 nonalcoholic beverage brands, primarily sparkling beverages but also a range of still beverages, such as waters, enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, and energy and sports drinks.
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