The Coca-Cola (NYSE:KO) Receives “Buy” Rating from Bank of America
Bank of America reaffirmed their buy rating on shares of The Coca-Cola (NYSE:KO) in a report published on Wednesday morning, Briefing.com Automated Import reports. The brokerage currently has a $60.00 target price on the stock, up from their prior target price of $55.00.
Several other analysts have also issued reports on KO. SunTrust Banks upped their price target on shares of CoStar Group to $650.00 and gave the stock a buy rating in a research report on Wednesday. ValuEngine lowered shares of Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. Barclays reaffirmed a buy rating on shares of Netflix in a research report on Thursday, May 16th. Deutsche Bank reaffirmed a buy rating on shares of Continental in a research report on Wednesday. Finally, JPMorgan Chase & Co. set a €54.00 ($62.79) price target on shares of Axel Springer and gave the stock a neutral rating in a research report on Tuesday, April 23rd. Twelve equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The Coca-Cola has a consensus rating of Hold and an average price target of $53.45.
NYSE KO traded up $1.10 on Wednesday, hitting $54.17. 11,451,911 shares of the stock were exchanged, compared to its average volume of 11,265,594. The company has a debt-to-equity ratio of 1.44, a current ratio of 0.83 and a quick ratio of 0.91. The business has a fifty day simple moving average of $51.76. The Coca-Cola has a 52 week low of $44.25 and a 52 week high of $54.82. The stock has a market capitalization of $226.40 billion, a P/E ratio of 26.04, a PEG ratio of 3.80 and a beta of 0.50.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Friday, September 13th. The Coca-Cola’s payout ratio is presently 76.92%.
In related news, insider Francisco Crespo sold 16,426 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.00, for a total transaction of $804,874.00. Following the transaction, the insider now directly owns 77,109 shares of the company’s stock, valued at $3,778,341. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jennifer K. Mann sold 9,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $51.88, for a total transaction of $466,920.00. Following the transaction, the insider now directly owns 41,049 shares in the company, valued at $2,129,622.12. The disclosure for this sale can be found here. Insiders sold 339,726 shares of company stock worth $16,996,023 over the last three months. Insiders own 1.33% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in KO. Prime Capital Investment Advisors LLC bought a new position in The Coca-Cola during the first quarter worth about $28,000. Orrstown Financial Services Inc. increased its position in The Coca-Cola by 230.8% during the first quarter. Orrstown Financial Services Inc. now owns 741 shares of the company’s stock worth $35,000 after acquiring an additional 517 shares during the period. Financial Gravity Wealth Inc. bought a new position in The Coca-Cola during the first quarter worth about $35,000. Canton Hathaway LLC increased its position in The Coca-Cola by 83.5% during the second quarter. Canton Hathaway LLC now owns 945 shares of the company’s stock worth $48,000 after acquiring an additional 430 shares during the period. Finally, PRW Wealth Management LLC bought a new position in The Coca-Cola during the fourth quarter worth about $50,000. 66.81% of the stock is currently owned by institutional investors and hedge funds.
About The Coca-Cola
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides sparkling soft drinks; water, enhanced water, and sports drinks; juice, dairy, and plantbased beverages; teas and coffees; and energy drinks. It also offers concentrates, syrups, beverage bases, source waters, and powders/minerals, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
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