1 The KO stock CMP is $55.24 and it decreased 0.97% in the last intraday session. 2 The KO stock year-to-date return is -13.09% and the monthly return is -2.09%. 3 Coca-Cola (NYSE: KO) recently declared its Q3 report, which is positive. Coca-Cola Co. (NYSE: KO) is a non-alcoholic...
- 1 The KO stock CMP is $55.24 and it decreased 0.97% in the last intraday session.
- 2 The KO stock year-to-date return is -13.09% and the monthly return is -2.09%.
- 3 Coca-Cola (NYSE: KO) recently declared its Q3 report, which is positive.
Coca-Cola Co. (NYSE: KO) is a non-alcoholic beverages manufacturing company. It has a strong presence worldwide and a large consumer base. The company was founded by Asa Griggs Candler in the year 1886 and has its headquarters in Atlanta, GA.
As per the financial website Simply Wall, Coca-Cola is a good value based on its PE ratio (22.2X) as compared to its peers in the beverages industry.
Based on the recent data, the revenue of Q3,2023 was $11.91 Billion with a net income of $3.09 Billion. Moreover, the KO stock estimated EPS for Q3, 2023 was $0.69, and the reported EPS was $0.74 which gave a positive surprise of 6.59%.
The analysts are forecasting EPS of $0.484 and revenue of $10.601 Billion for the next quarter ending December 2023. The Next earnings and revenue results will be declared on February 15, 2024.
Furthermore, as per Simplywall St., the ownership breakdown shows that the institutional holdings are the highest with 62.0% of shares in the company. Berkshire Hathaway Inc. is the top shareholder of Coca-Cola and holds 9.25% ownership of the company. Berkshire holds the $22.1 Billion worth of shares with a share count of 400,000,000.
KO stock price closed at $55.24 with an intraday decrease of 0.97% on Friday. The intraday trading volume of KO stock is 13.627 Million which is less than the 10-day aggregate volume of 16.703 Million.
Moreover, the market capitalization of Coca-Cola is $238.825 Billion and floating shares are 4.269 Billion. In addition, the analyst gave a buy rating with a yearly high target price of $74 and a minimum target price of $59.
According to the price action, it seems that KO stock might be ready for a significant price increase. The buyers are supporting the KO stock’s upward movement by working firmly to keep the levels.
Can the KO Stock Price Exceed $70?
The KO stock price has been rising since March 2020 from the price of $36 and showed buyer accumulation. It made consistent breaks of structures and advanced upward. The stock was bought heavily as the stock had gained good popularity among investors by that time.
It showed a significant surge upwards with an 85% growth in the stock price by making higher highs and lows and reached $67 by April 2022. At high the stock encountered a barrier near the supply range and faced multiple declines from the downward trendline.
From the low of $36 to the high of $67, the stock took a great surge. The price moved well along the Fibonacci levels of 78%, 61%, and 50% and rose steadily from these levels.
Thereafter, the $67 high was around the resistance. It stopped the KO stock’s further advancement and ended up falling to 38% fib level, where it became support and surged again. But a downward trendline gave a halt to the stock price again and the price deteriorated again due to Q2 results profit booking.
However, the KO stock somehow managed to take support at the 50% fib level and the price showed some bullish momentum. Therefore, if the price advances more and breaks above swing high at $58 and it can advance more up to $62.
Thereafter, the $67 high was around the resistance. It stopped the KO stock’s further advancement and ended up falling to 38% fib level, where it became support and surged again. But a downward trendline gave a halt to the stock price again and the price deteriorated again due to Q2 results profit booking.
However, the KO stock somehow managed to take support at the 50% fib level and the price showed some bullish momentum. Therefore, if the price advances more and breaks above swing high at $58 and it can advance more up to $62.
Alternatively, if the KO stock somehow slips from the recent swing low or breaks the 50% Fib. level. The price might fall more after breaching $51 and reaching $48 next.
At the time of publishing, Coca-Cola’s (NYSE: KO) stock price has cleared its way after taking support at a 50% Fib level. The Stock price has jumped 20 EMA already and is trying to jump 50 EMA soon. If more volume of buyers adds up, the stock price will advance more and may surpass the above hurdles.
The MACD indicators are showing a bullish crossover. where MACD is at -0.3775 and the histogram is broadening. It is showing signals for a more bullish momentum outlook for future sessions.
Summary
The price action of the KO stock highlights more bullish momentum ahead if stock gain accumulates enough buyers. The stock needs to surpass the previous swing high for upwards and the recent swing low for downwards. The technical analysis tools of the KO stock points confirm the probable more bullish move ahead.
Technical Levels
Support Levels: $51 and $48
Resistance Levels: $58 and $62
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.