Bank of America Increases CocaCola (NYSE:KO) Price Target to $80.00

CocaCola (NYSE:KO) had its price target upped by research analysts at Bank of America from $78.00 to $80.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 13.00% from the company’s current price.

Several other equities research analysts have also commented on KO. Royal Bank Of Canada set a $76.00 price objective on shares of CocaCola and gave the stock an “outperform” rating in a research note on Monday, July 21st. Barclays restated an “overweight” rating on shares of CocaCola in a research report on Thursday, October 23rd. UBS Group cut their target price on CocaCola from $84.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, September 11th. BNP Paribas reaffirmed an “outperform” rating and set a $83.00 price objective on shares of CocaCola in a research note on Monday, July 21st. Finally, Piper Sandler lifted their price target on shares of CocaCola from $80.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the company’s stock. Based on data from MarketBeat, CocaCola has a consensus rating of “Buy” and an average price target of $78.43.

CocaCola Stock Performance

Shares of NYSE:KO traded up $1.74 on Friday, reaching $70.80. 7,228,662 shares of the company’s stock were exchanged, compared to its average volume of 16,703,111. CocaCola has a twelve month low of $60.62 and a twelve month high of $74.38. The company has a fifty day moving average of $67.72 and a 200-day moving average of $69.58. The company has a market capitalization of $304.53 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 3.57 and a beta of 0.43. The company has a current ratio of 1.21, a quick ratio of 1.00 and a debt-to-equity ratio of 1.30.

CocaCola (NYSE:KO) last issued its quarterly earnings results on Thursday, March 27th. The company reported $0.55 earnings per share (EPS) for the quarter. The business had revenue of $11.40 billion during the quarter. CocaCola had a return on equity of 43.62% and a net margin of 27.34%. On average, research analysts predict that CocaCola will post 2.96 EPS for the current fiscal year.

Insider Buying and Selling at CocaCola

In other CocaCola news, EVP Monica Howard Douglas sold 13,548 shares of CocaCola stock in a transaction on Friday, October 24th. The stock was sold at an average price of $69.93, for a total transaction of $947,411.64. Following the completion of the sale, the executive vice president directly owned 37,725 shares of the company’s stock, valued at $2,638,109.25. The trade was a 26.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Max R. Levchin purchased 7,206 shares of the company’s stock in a transaction dated Friday, October 24th. The shares were purchased at an average cost of $69.87 per share, for a total transaction of $503,483.22. Following the transaction, the director directly owned 14,267 shares in the company, valued at approximately $996,835.29. This represents a 102.05% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On CocaCola

Several institutional investors and hedge funds have recently bought and sold shares of KO. New Republic Capital LLC increased its position in CocaCola by 1.6% during the 1st quarter. New Republic Capital LLC now owns 8,662 shares of the company’s stock valued at $625,000 after buying an additional 139 shares in the last quarter. Alteri Wealth LLC boosted its stake in CocaCola by 2.1% in the 1st quarter. Alteri Wealth LLC now owns 6,874 shares of the company’s stock worth $492,000 after purchasing an additional 140 shares in the last quarter. Requisite Capital Management LLC increased its stake in CocaCola by 2.8% during the 2nd quarter. Requisite Capital Management LLC now owns 5,285 shares of the company’s stock valued at $377,000 after purchasing an additional 142 shares in the last quarter. MTM Investment Management LLC raised its holdings in shares of CocaCola by 0.3% in the first quarter. MTM Investment Management LLC now owns 50,612 shares of the company’s stock worth $3,637,000 after buying an additional 144 shares during the last quarter. Finally, SNS Financial Group LLC grew its holdings in shares of CocaCola by 2.4% during the first quarter. SNS Financial Group LLC now owns 6,315 shares of the company’s stock valued at $455,000 after buying an additional 148 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

About CocaCola

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.