Coca-Cola (NYSE:KO) Shares Down 0.3% - Here's Why

The Coca-Cola Company (NYSE:KO - Get Free Report) dropped 0.3% on Monday . The stock traded as low as $62.43 and last traded at $63.31. Approximately 3,428,757 shares traded hands during trading, a decline of 78% from the average daily volume of 15,538,104 shares. The stock had previously closed at $63.48.

Analysts Set New Price Targets

A number of equities analysts have recently commented on KO shares. JPMorgan Chase & Co. lowered their price objective on Coca-Cola from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, January 28th. Truist Financial boosted their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, October 16th. Morgan Stanley reduced their price objective on shares of Coca-Cola from $78.00 to $76.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Piper Sandler lowered their target price on shares of Coca-Cola from $74.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, January 23rd. Finally, Jefferies Financial Group upgraded Coca-Cola from a "hold" rating to a "buy" rating and raised their price target for the company from $69.00 to $75.00 in a research note on Thursday, January 30th. Two analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $72.19.

Coca-Cola Price Performance

The company's 50-day simple moving average is $62.53 and its 200-day simple moving average is $66.31. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.90 and a current ratio of 1.06. The company has a market capitalization of $275.03 billion, a PE ratio of 26.38, a P/E/G ratio of 3.55 and a beta of 0.61.

Hedge Funds Weigh In On Coca-Cola

Several institutional investors have recently bought and sold shares of KO. Harvest Portfolios Group Inc. purchased a new position in Coca-Cola in the third quarter valued at about $18,383,000. Balentine LLC increased its stake in Coca-Cola by 92.4% in the 3rd quarter. Balentine LLC now owns 28,493 shares of the company's stock valued at $2,048,000 after purchasing an additional 13,685 shares in the last quarter. Rice Partnership LLC raised its holdings in Coca-Cola by 7.1% during the fourth quarter. Rice Partnership LLC now owns 102,746 shares of the company's stock worth $6,397,000 after purchasing an additional 6,793 shares during the last quarter. Sheaff Brock Investment Advisors LLC boosted its position in Coca-Cola by 104.9% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 116,214 shares of the company's stock worth $8,351,000 after purchasing an additional 59,503 shares in the last quarter. Finally, Fiduciary Alliance LLC grew its holdings in Coca-Cola by 87.7% in the fourth quarter. Fiduciary Alliance LLC now owns 18,189 shares of the company's stock valued at $1,132,000 after purchasing an additional 8,499 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

About Coca-Cola

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.