Coca-Cola Company (The) (NYSE:KO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, August 1st.
According to Zacks, “Coca-Cola reported better-than-expected second-quarter 2017 results. Lower SG&A expense (down 19.9%), higher gross margin (up 210 basis points or bps), and higher operating margin (up 375 bps) helped it to come up with better numbers. Organic revenues were up 3%, driven by 3% growth in price/mix. However, Coca-Cola's total sales decreased 16%, marking the ninth consecutive quarterly decline in revenue. Although top line need to show sustained improvement, we are encouraged by the company’s strategic efforts in making its portfolio as a total beverage company with improved marketing and innovation, focus on driving revenues by improved price/mix, digital focus, and productivity initiatives toward driving margins. Further, successful rollout of Coke Zero Sugar globally (growing mid-teens), as evident from Coca-Cola’s ability to leverage successful innovation to support top-line growth, is quite encouraging.”
Other analysts have also recently issued research reports about the stock. Deutsche Bank AG reaffirmed a “hold” rating and issued a $46.00 target price (up previously from $44.00) on shares of Coca-Cola Company (The) in a report on Thursday, July 27th. BMO Capital Markets reduced their target price on shares of Coca-Cola Company (The) from $47.00 to $46.00 and set a “market perform” rating on the stock in a report on Monday, July 31st. Vetr cut shares of Coca-Cola Company (The) from a “hold” rating to a “sell” rating and set a $44.58 target price on the stock. in a report on Monday, June 5th. BidaskClub raised shares of Coca-Cola Company (The) from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, Susquehanna Bancshares Inc set a $39.00 target price on shares of Coca-Cola Company (The) and gave the company a “hold” rating in a report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $45.70.
Coca-Cola Company (NYSE:KO) opened at 45.59 on Tuesday. The firm’s 50-day moving average is $45.14 and its 200-day moving average is $43.57. The stock has a market cap of $194.46 billion, a P/E ratio of 48.14 and a beta of 0.69. Coca-Cola Company has a 52-week low of $39.88 and a 52-week high of $46.43.
Coca-Cola Company (The) (NYSE:KO) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The business had revenue of $9.70 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Coca-Cola Company (The) had a net margin of 10.68% and a return on equity of 34.53%. The business’s quarterly revenue was down 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. Equities research analysts predict that Coca-Cola Company will post $1.90 earnings per share for the current year.
In related news, insider Irial Finan sold 354,146 shares of Coca-Cola Company (The) stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $45.00, for a total value of $15,936,570.00. Following the transaction, the insider now directly owns 780,258 shares in the company, valued at approximately $35,111,610. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark Randazza sold 24,156 shares of Coca-Cola Company (The) stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $46.01, for a total transaction of $1,111,417.56. Following the completion of the transaction, the insider now owns 26,567 shares in the company, valued at $1,222,347.67. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 614,841 shares of company stock worth $27,900,186. Insiders own 1.51% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Coca-Cola Company (The) by 1.8% in the second quarter. Vanguard Group Inc. now owns 275,221,018 shares of the company’s stock worth $12,343,662,000 after buying an additional 4,818,963 shares during the period. BlackRock Inc. raised its position in Coca-Cola Company (The) by 0.3% in the second quarter. BlackRock Inc. now owns 241,677,773 shares of the company’s stock worth $10,839,247,000 after buying an additional 750,257 shares during the period. State Street Corp raised its position in Coca-Cola Company (The) by 1.2% in the first quarter. State Street Corp now owns 173,789,519 shares of the company’s stock worth $7,375,663,000 after buying an additional 2,009,675 shares during the period. Northern Trust Corp raised its position in Coca-Cola Company (The) by 4.5% in the second quarter. Northern Trust Corp now owns 50,761,341 shares of the company’s stock worth $2,276,647,000 after buying an additional 2,167,225 shares during the period. Finally, Norges Bank purchased a new position in Coca-Cola Company (The) during the fourth quarter worth $1,486,731,000. Hedge funds and other institutional investors own 63.68% of the company’s stock.
About Coca-Cola Company (The)
The Coca-Cola Company is a beverage company. The Company owns or licenses and markets non-alcoholic beverage brands, primarily sparkling beverages and a range of still beverages, such as waters, flavored waters and enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, sports drinks, dairy and energy drinks.
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