The Coca-Cola (NYSE:KO) Price Target Raised to $60.00

The Coca-Cola (NYSE:KO) had its target price upped by Citigroup from $57.00 to $60.00 in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 6.10% from the company’s previous close.

Several other brokerages have also commented on KO. Morgan Stanley upped their price objective on shares of The Coca-Cola from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Friday, June 4th. Argus upped their price objective on shares of The Coca-Cola from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, June 17th. Royal Bank of Canada restated a “buy” rating and issued a $60.00 price objective on shares of The Coca-Cola in a report on Wednesday, June 23rd. Zacks Investment Research upgraded shares of The Coca-Cola from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Tuesday, July 6th. Finally, Wolfe Research began coverage on shares of The Coca-Cola in a report on Monday, April 12th. They issued a “peer perform” rating on the stock. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $59.86.

NYSE:KO opened at $56.55 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.33 and a debt-to-equity ratio of 1.80. The firm has a market cap of $243.83 billion, a price-to-earnings ratio of 33.86, a price-to-earnings-growth ratio of 3.35 and a beta of 0.61. The company has a 50-day moving average price of $54.97. The Coca-Cola has a 1-year low of $46.22 and a 1-year high of $57.56.

The Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Tuesday, July 20th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.56 by $0.12. The Coca-Cola had a net margin of 21.59% and a return on equity of 41.48%. The firm had revenue of $10.10 billion for the quarter, compared to analyst estimates of $9.30 billion. During the same period in the prior year, the business posted $0.42 EPS. The business’s revenue for the quarter was up 40.3% compared to the same quarter last year. Sell-side analysts anticipate that The Coca-Cola will post 2.19 EPS for the current year.

In other The Coca-Cola news, insider Nikolaos Koumettis sold 55,392 shares of the stock in a transaction that occurred on Friday, June 4th. The shares were sold at an average price of $55.89, for a total value of $3,095,858.88. Following the sale, the insider now directly owns 170,403 shares of the company’s stock, valued at approximately $9,523,823.67. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Nancy Quan sold 19,911 shares of the stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $56.50, for a total transaction of $1,124,971.50. Following the completion of the sale, the senior vice president now directly owns 196,745 shares in the company, valued at $11,116,092.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,303 shares of company stock worth $10,213,630. Insiders own 1.01% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in shares of The Coca-Cola by 2.9% in the 1st quarter. Geode Capital Management LLC now owns 58,236,409 shares of the company’s stock valued at $3,060,800,000 after buying an additional 1,645,182 shares during the last quarter. Morgan Stanley grew its position in shares of The Coca-Cola by 7.5% in the 4th quarter. Morgan Stanley now owns 48,640,574 shares of the company’s stock valued at $2,667,449,000 after buying an additional 3,397,649 shares during the last quarter. Norges Bank purchased a new position in shares of The Coca-Cola in the 4th quarter valued at $2,345,618,000. Price T Rowe Associates Inc. MD grew its position in shares of The Coca-Cola by 1.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,866,731 shares of the company’s stock valued at $1,837,825,000 after buying an additional 571,710 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in shares of The Coca-Cola by 9.5% in the 4th quarter. Nuveen Asset Management LLC now owns 25,474,305 shares of the company’s stock valued at $1,397,010,000 after buying an additional 2,203,334 shares during the last quarter. 66.21% of the stock is currently owned by hedge funds and other institutional investors.

About The Coca-Cola

The Coca-Cola Co is the nonalcoholic beverage company, which engages in the manufacture, market, and sale of non-alcoholic beverages which include sparkling soft drinks, water, enhanced water and sports drinks, juice, dairy and plant-based beverages, tea and coffee and energy drinks. Its brands include Coca-Cola, Diet Coke, Coca-Cola Zero, Fanta, Sprite, Minute Maid, Georgia, Powerade, Del Valle, Schweppes, Aquarius, Minute Maid Pulpy, Dasani, Simply, Glaceau Vitaminwater, Bonaqua, Gold Peak, Fuze Tea, Glaceau Smartwater, and Ice Dew.

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