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

Coca-Cola (NYSE:KO) had its target price reduced by stock analysts at Wells Fargo & Company from $75.00 to $70.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 14.45% from the company’s previous close.

A number of other analysts have also weighed in on the company. Morgan Stanley cut their price objective 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. Deutsche Bank Aktiengesellschaft upgraded Coca-Cola from a “hold” rating to a “buy” rating and upped their price target for the stock from $68.00 to $70.00 in a report on Thursday, December 12th. 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. Piper Sandler began coverage on shares of Coca-Cola in a research note on Tuesday. They set an “overweight” rating and a $74.00 target price on the stock. Finally, Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a research note on Friday, September 27th. Three investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.27.

Coca-Cola Stock Up 0.6 %

Shares of KO opened at $61.16 on Tuesday. 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 $263.46 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 3.83 and a beta of 0.61. The stock has a fifty day simple moving average of $63.25 and a two-hundred day simple moving average of $66.57. Coca-Cola has a 52-week low of $57.93 and a 52-week high of $73.53.

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

Insider Activity at Coca-Cola

In other news, CEO James Quincey sold 100,000 shares of Coca-Cola stock in a transaction 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 owns 342,546 shares of the company’s stock, valued at $21,933,220.38. The trade was a 22.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.97% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Coca-Cola

Several hedge funds have recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of Coca-Cola by 13.7% during the 3rd quarter. FMR LLC now owns 92,961,376 shares of the company’s stock worth $6,680,205,000 after purchasing an additional 11,206,995 shares during the last quarter. Wellington Management Group LLP increased its position in Coca-Cola by 14.5% during the third quarter. Wellington Management Group LLP now owns 31,615,428 shares of the company’s stock worth $2,271,885,000 after buying an additional 4,013,996 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Coca-Cola in the third quarter worth $269,382,000. Geode Capital Management LLC lifted its position in shares of Coca-Cola by 3.3% in the third quarter. Geode Capital Management LLC now owns 92,957,028 shares of the company’s stock valued at $6,664,005,000 after acquiring an additional 2,966,964 shares in the last quarter. Finally, Pathway Financial Advisers LLC boosted its stake in shares of Coca-Cola by 7,006.8% during the third quarter. Pathway Financial Advisers LLC now owns 2,478,487 shares of the company’s stock valued at $178,104,000 after acquiring an additional 2,443,612 shares during the last quarter. 70.26% of the stock is currently 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.