Short Interest in The Coca-Cola Company (NYSE:KO) Drops By 6.1%

The Coca-Cola Company (NYSE:KO) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 31,870,000 shares, a decline of 6.1% from the September 30th total of 33,950,000 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average daily volume of 14,120,000 shares, the short-interest ratio is currently 2.3 days.

Insider Activity

In other Coca-Cola news, CEO James Quincey sold 102,533 shares of Coca-Cola stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the sale, the chief executive officer now owns 442,546 shares in the company, valued at $30,987,070.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Coca-Cola news, EVP Nancy Quan sold 18,484 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at $15,968,095. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James Quincey sold 102,533 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total value of $7,179,360.66. Following the completion of the sale, the chief executive officer now owns 442,546 shares in the company, valued at approximately $30,987,070.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 261,870 shares of company stock worth $18,256,369. Company insiders own 0.97% of the company’s stock.

Hedge Funds Weigh In On Coca-Cola

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KO. New Millennium Group LLC acquired a new stake in Coca-Cola in the 2nd quarter valued at $26,000. Quarry LP bought a new stake in Coca-Cola during the second quarter worth about $27,000. ESL Trust Services LLC bought a new position in Coca-Cola in the first quarter valued at approximately $28,000. Hara Capital LLC acquired a new position in shares of Coca-Cola during the 3rd quarter worth approximately $35,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Coca-Cola during the 3rd quarter worth approximately $36,000. 70.26% of the stock is owned by institutional investors and hedge funds.

Coca-Cola Price Performance

KO opened at $65.00 on Friday. The company has a fifty day simple moving average of $70.29 and a 200 day simple moving average of $66.26. 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 stock has a market cap of $280.01 billion, a P/E ratio of 26.86, a P/E/G ratio of 4.00 and a beta of 0.60. Coca-Cola has a 12 month low of $56.06 and a 12 month high of $73.53.

Coca-Cola (NYSE:KO) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. Coca-Cola had a return on equity of 44.01% and a net margin of 22.45%. The company had revenue of $11.85 billion for the quarter, compared to analyst estimates of $11.61 billion. During the same quarter last year, the firm posted $0.74 earnings per share. Coca-Cola’s revenue was down .8% compared to the same quarter last year. On average, research analysts expect that Coca-Cola will post 2.85 EPS for the current year.

Coca-Cola Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a dividend of $0.485 per share. The ex-dividend date is Friday, November 29th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.98%. Coca-Cola’s payout ratio is 80.17%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on KO. Truist Financial increased their price objective on Coca-Cola from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. boosted their price target on shares of Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Barclays reduced their target price on Coca-Cola from $74.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Royal Bank of Canada lifted their price objective on Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $71.80.

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.