Coca-Cola (NYSE:KO) PT Raised to $68.00 at Royal Bank of Canada

Coca-Cola (NYSE:KO) had its price objective raised by equities research analysts at Royal Bank of Canada from $65.00 to $68.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 3.56% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Coca-Cola from $68.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Evercore ISI increased their target price on Coca-Cola from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. BNP Paribas started coverage on shares of Coca-Cola in a research note on Monday, June 24th. They set an “outperform” rating and a $72.00 target price for the company. Barclays increased their price objective on Coca-Cola from $68.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Finally, Morgan Stanley raised their price objective on Coca-Cola from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.71.

Coca-Cola Stock Performance

Shares of NYSE:KO traded up $0.70 during mid-day trading on Wednesday, reaching $65.66. 5,805,246 shares of the company traded hands, compared to its average volume of 12,813,348. The firm has a market cap of $282.86 billion, a PE ratio of 26.25, a PEG ratio of 3.67 and a beta of 0.59. Coca-Cola has a 52 week low of $51.55 and a 52 week high of $66.04. The company’s 50 day moving average price is $63.29 and its 200-day moving average price is $61.38. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.04 and a quick ratio of 0.86.

Coca-Cola (NYSE:KO) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. The business had revenue of $12.40 billion during the quarter, compared to the consensus estimate of $11.78 billion. Coca-Cola had a net margin of 23.41% and a return on equity of 42.74%. The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 EPS. On average, equities analysts expect that Coca-Cola will post 2.82 EPS for the current fiscal year.

Insider Buying and Selling

In other Coca-Cola news, EVP Beatriz R. Perez sold 57,298 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $61.99, for a total value of $3,551,903.02. Following the sale, the executive vice president now directly owns 167,107 shares of the company’s stock, valued at $10,358,962.93. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Coca-Cola news, EVP Beatriz R. Perez sold 57,298 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $61.99, for a total value of $3,551,903.02. Following the completion of the transaction, the executive vice president now directly owns 167,107 shares of the company’s stock, valued at $10,358,962.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Cola Co Coca sold 598,619 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the sale, the insider now directly owns 1,883,546 shares in the company, valued at approximately $1,742,280,050. The disclosure for this sale can be found here. Insiders sold a total of 841,588 shares of company stock valued at $568,972,027 over the last 90 days. Insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Coca-Cola

A number of institutional investors have recently added to or reduced their stakes in KO. Price T Rowe Associates Inc. MD grew its position in shares of Coca-Cola by 21.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 49,297,505 shares of the company’s stock valued at $3,016,023,000 after purchasing an additional 8,733,326 shares during the period. Norges Bank acquired a new stake in Coca-Cola in the 4th quarter worth about $2,808,056,000. Dimensional Fund Advisors LP increased its stake in Coca-Cola by 5.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 15,171,216 shares of the company’s stock worth $894,028,000 after buying an additional 814,779 shares in the last quarter. Vontobel Asset Management Inc. raised its holdings in shares of Coca-Cola by 2.7% during the fourth quarter. Vontobel Asset Management Inc. now owns 14,337,691 shares of the company’s stock valued at $890,866,000 after acquiring an additional 378,447 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Coca-Cola by 16.4% in the fourth quarter. California Public Employees Retirement System now owns 13,804,908 shares of the company’s stock valued at $813,523,000 after acquiring an additional 1,949,500 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

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.