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Insiders hold 0.97% of Coca-Cola's stock, while institutional investors own 70.26%. Recent price targets for KO have been adjusted by various analysts, with UBS lowering it to $72.00, indicating a potential upside. The company reported a quarterly EPS of $0.77, surpassing estimates, despite a slight revenue decline. CEO James Quincey sold 100,000 shares, reducing his ownership by 22.60%.
Coca-Cola shares have rebounded from a 15% correction, finding support around $62 after mixed Q3 results and concerns over consumer purchasing power. Despite a slight earnings beat, sales volumes fell 1% due to rising prices. Analysts remain optimistic, with a price target of $75, indicating a potential 15% upside. The risk/reward ratio favors buyers above $62, aiming for a rebound to $73, while a drop below this support could signal further declines.
The Nasdaq Composite reached an all-time high, closing the week up 0.2%, while the S&P 500 and Dow Jones snapped their six-week winning streaks due to disappointing earnings from major companies. Japan's ruling coalition lost its parliamentary majority, contributing to a weaker yen, while China's industrial profits plummeted 27.1%, marking the steepest decline since the pandemic began. Oil prices fell over 4% amid geopolitical tensions, and investors are looking ahead to a busy week of earnings reports and economic data.
Coca-Cola CEO James Quincey stated that the recent E. coli outbreak linked to McDonald's Quarter Pounder burgers is not expected to significantly impact the beverage company's sales. Despite the outbreak affecting 10 states and resulting in 49 reported cases, Quincey emphasized the strong partnership between Coca-Cola and McDonald's, noting their collaborative efforts to address the situation. McDonald's has temporarily removed Quarter Pounders from its menu in several states and halted the distribution of slivered onions as a precaution.
Stocks faced pressure as the Dow and S&P 500 declined for a second consecutive day. Starbucks shares fell 4% after preliminary quarterly results showed sliding same-store sales, while McDonald's dropped 6% amid a CDC alert regarding E. coli cases linked to its Quarter Pounder burgers. Boeing saw a 5% increase over the week, and Coca-Cola is set to release its quarterly report, with its stock up 7% in the past three months.
James Quincey
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