Coca-Cola Company’s Executive Vice President, Manuel Arroyo, sold 139,689 shares of the company’s stock on November 14, 2023. The transaction, executed at an average price of $70.80 per share, amounted to a total value of $9,889,981.20. Following this sale, Arroyo now holds 58,067 shares of Coca-Cola, valued at approximately $4,111,143.60, representing a significant reduction of 70.64% in his ownership stake. This information was disclosed through a legal filing with the Securities and Exchange Commission.
Coca-Cola stock saw a modest increase of 0.1% on the trading day following the sale, reaching $71.23 during midday trading on November 17, 2023. The trading volume for Coca-Cola on that day was 4,922,462 shares, in contrast to its average volume of 16,681,313 shares. Over the past year, the stock has fluctuated between a low of $60.62 and a high of $74.38.
Financial Performance and Market Position
Coca-Cola currently holds a market capitalization of $306.42 billion. The company’s financial metrics include a price-to-earnings (PE) ratio of 23.59 and a price-to-earnings-growth (PEG) ratio of 3.57. Its debt-to-equity ratio stands at 1.30, with a quick ratio and current ratio of 1.00 and 1.21 respectively. The company reported earnings per share (EPS) of $0.55 for the last quarter, alongside revenue of $11.40 billion. Analysts project an EPS of $2.96 for the current fiscal year.
Institutional Investments and Analyst Ratings
Recent activity among institutional investors reflects a growing interest in Coca-Cola. Perigon Wealth Management LLC increased its holdings in the company by 3.6% during the second quarter, acquiring an additional 4,469 shares. UBS Asset Management also boosted its position by 6.2%, adding nearly 1.8 million shares to reach a total holding of approximately $2.21 billion. Additionally, Virginia Retirement Systems acquired a new stake worth $22,443,000.
As for analyst sentiment, multiple research firms have issued favorable ratings for Coca-Cola. Evercore ISI reaffirmed an “outperform” rating, while Barclays maintained an “overweight” rating for the stock. UBS Group adjusted its target price from $84.00 to $80.00, indicating a continued belief in the company’s growth potential. Overall, the stock carries an average rating of “Buy” with a consensus target price set at $78.43.
Coca-Cola continues to be a significant player in the beverage industry, manufacturing and marketing a diverse range of nonalcoholic drinks worldwide. The company’s expansive portfolio includes sparkling soft drinks, juices, dairy products, and plant-based beverages, along with beverage concentrates and syrups for retail establishments.
For further updates and analyses on Coca-Cola, subscribers can receive daily summaries through MarketBeat’s free newsletter.
