KO - The Coca-Cola Company

NYSE - NYSE Delayed Price. Currency in USD
+0.42 (+0.92%)
At close: 4:01PM EDT
Stock chart is not supported by your current browser
Previous Close45.51
Bid0.00 x 1400
Ask0.00 x 800
Day's Range45.46 - 46.10
52 Week Range41.45 - 50.84
Avg. Volume17,168,949
Market Cap196.358B
Beta (3Y Monthly)0.37
PE Ratio (TTM)30.62
EPS (TTM)1.50
Earnings DateApr 23, 2019
Forward Dividend & Yield1.60 (3.52%)
Ex-Dividend Date2019-03-14
1y Target Est50.00
Trade prices are not sourced from all markets
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  • Coca-Cola Stock Still Is Too Expensive
    InvestorPlace2 days ago

    Coca-Cola Stock Still Is Too Expensive

    I'll be honest: I simply don't understand the bull case for Coca-Cola (NYSE:KO). The KO stock price has held up reasonably well in recent years, admittedly. But Coca-Cola stock isn't cheap. There are obvious risks to demand going forward. Add on disappointing growth, and the numbers here don't seem to add up.Source: Coca-ColaI concede that I've long been a skeptic toward KO stock. I called it "expensive" 20 months ago at roughly the same price, and it's at least held up. On this site, Luke Lango made a "buy the dip" case last month; a few days later, Josh Enomoto highlighted the company's opportunity in China.With all due respect, I disagree. The issue from here is that many investors are valuing Coca-Cola for what it was: a wonderful business that produced steady growth and lockstep increases in its dividend. Coca-Cola stock famously has made billions of dollars for Warren Buffett and Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B). It's also been a great long-term investment for the rest of us.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Stocks on the Rise Heading Into the Second Quarter But times change. And those changes have notably shifted the investment case here. The KO Stock Price Tumbles After EarningsAt this point, it seems increasingly difficult to make the fundamental case for Coca-Cola stock. A multi-year transformation -- including a "refranchising" of its bottling operations -- has hit revenue in recent years, but it was supposed to create a leaner, more profitable company.That's a key reason why the KO stock price fell over 8% after disappointing earnings last month -- a huge move for a typically low-volatility stock. Guidance for 2019 was much weaker than expected. Coca-Cola expects earnings growth of -1% to 1% against 2018's $2.08.Investors were hoping for much more after the refranchising. The problem goes beyond results for a single year, however, as 2019 guidance implies EPS of $2.06 to $2.10. In 2013, Coca-Cola's non-GAAP EPS was $2.08. Over six years, including a massive transformation, earnings per share will barely move, if at all.But even that doesn't tell the full story.Coca-Cola stock, like so many other U.S.-based investments, has benefited from a lower tax rate. The underlying (i.e., adjusted) tax rate in 2013 was 23%. It's estimated to be 19.5% in 2019. That lower rate provides a 4.5% benefit to net earnings. Billions of dollars in share buybacks boost EPS as well. Considering this, Coca-Cola has 4.5% fewer shares outstanding than it did in 2013. In other words, KO is making less pre-tax profit than it did six years ago (the figure has declined about 8.7% by my math).And yet, Coca-Cola stock trades for 22x the midpoint of 2019 EPS guidance. That multiple seems incompatible with the performance over the past few years. The Risks to KO StockTo be fair, a stronger dollar has been an issue, hitting revenues and profits overseas. Coca-Cola is projecting a significant currency headwind, with 6% to 7% impact on operating income in 2019 alone. This comes after a 4% hit in 2018. Essentially, much of the potential benefit of the refranchising has been swallowed by currency effects.That said, it's not as if the dollar is guaranteed to get weaker going forward. KO stock still looks reasonably expensive against even currency-neutral growth. Meanwhile, risks are rising.Soda consumption continues to decline in the U.S., dropping by 20%-plus over two decades according to one report. Coca-Cola has tried to diversify, acquiring Costa Coffee and sparkling water manufacturer Topo Chico last year. But a $5 billion coffee deal -- let alone a $220 million bottled water purchase -- doesn't move the needle much against a $200 billion market cap.The trend here is consistently negative, particularly in terms of diet soda. Sparkling waters from Nestle (OTCMKTS:NSRGY), National Beverage (NASDAQ:FIZZ) (even with some recent trouble), and private companies like Polar and Spindrift are taking share from diet soda. Neither Coke with its Dasani brand, nor Pepsi (NASDAQ:PEP) with its Aquafina, have been able to win much in that market. New BrandsMeanwhile, HSBC Securities highlighted an interesting stumbling block for Coca-Cola's plans for expansion. Coca-Cola has looked to new extensions, including flavored Diet Coke and an orange-vanilla offering for its full-calorie brand. But, as HSBC pointed out, those efforts are likely to upset the same bottlers who have taken over Coke's operations.Smaller products have high startup costs, as well as long payback periods. Coke's refranchising may slow it from following the brand expansion strategy that's currently popular among consumer companies. It's a bit analogous to the risk facing Coke customers McDonald's (NYSE:MCD) and Restaurant Brands International (NYSE:QSR). Those companies have shifted costs to their franchisees too. However, those franchisees may rebel as their parents look to compete solely on price or otherwise push the limits of their profitability. Not Enough GrowthFrom here, zero growth isn't worth the risks facing the industry. As such, KO stock looks far too expensive. I asked last year if Coca-Cola might be the next giant to stumble after consumer heavyweights Anheuser-Busch InBev (NYSE:BUD), Kraft Heinz (NASDAQ:KHC), and Altria (NYSE:MO) saw big declines.It hasn't happened yet, even with the post-Q4 selloff. But I wouldn't be shocked if it did. In fact, I'd be less surprised if KO stock fell sharply than if Coca-Cola somehow figured out how to grow in an industry destined for long-term declines.As of this writing, Vince Martin has no positions in any securities mentioned. 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    Editor's Note: This article was previously published in January 2019. It has been updated and republished.I recently attended a meeting of startup founders who pitched their companies. Interestingly enough, many of them touted artificial intelligence.Yes, this technology has quickly become red hot. After all, the market opportunity is massive. Gartner estimates that spending will grow at an average compound annual rate of 18% to $383.5 billion by 2020.InvestorPlace - Stock Market News, Stock Advice & Trading TipsYet AI is not easy to develop. There needs to be access to huge amounts of data, so as to find patterns. What's more, AI requires top-notch data scientists. As should be no surprise, this kind of talent is in short supply nowadays.Because of all this, when it comes to finding artificial intelligence stocks, they are usually larger companies. * 7 Small-Cap Stocks That Make the Grade OK then, which names are positioned to benefit? Well, let's take a look at five that stand out:Source: Shutterstock Alphabet (GOOG)Alphabet's (NASDAQ:GOOG, NASDAQ:GOOGL) Google CEO, Sundar Pichai, refers to the company as "AI first." And this is certainly not hype. AI has become pervasive across the product line, such as with Gmail, YouTube, Maps, Photos, Google Cloud and so on. The company has also developed its own assistant, which connects with more than 5,000 devices in the home.Google has been creating industry standards for AI as well, primarily through its own language called TensorFlow. Just some of the companies that use it include Uber, eBay (NASDAQ:EBAY) and Coca-Cola (NYSE:KO).Something else: Google is a top player in autonomous vehicles. The company's Waymo unit could be worth as much as $175 billion, according to analysts at Morgan Stanley.Finally, the valuation of GOOG stock is at reasonable levels, with the forward price-to-earnings ratio is 27X, which is in-line with other mega tech operators like Microsoft (NASDAQ:MSFT). This puts it at the top of the heap among artificial intelligence stocks.Source: Nvidia Nvidia (NVDA)Nvidia (NASDAQ:NVDA) is the pioneer of GPUs (Graphics Processing Units), which are chips that process large amounts of data cost-effectively. The technology was initially focused on the gaming market.But NVDA realized that GPUs were also ideal for AI. To this end, the company has leveraged these systems into areas like datacenters and autonomous vehicles.No doubt, it has been a very good move. Consider that NVDA has been on a strong growth ramp before flattening a bit at the end of its fiscal year. In the latest quarter, revenues dropped by 24% to $2.21 billion year over year, but finished the year up with 21% growth to $11.72 billion.It's true that the valuation of NVDA stock is far from cheap, with the forward price-to-earnings ratio at 24x. But then again, a premium is to be expected for a company that is a leader in a massive industry. * 15 Stocks That May Be Hurt by This Year's Big IPOs For example, earlier this year Evercore ISI analyst C.J. Muse boosted the price target on NVDA stock to $400, which implies 41% upside. In his report, he noted that the company's technology is "becoming the standard AI platform."Source: Shutterstock IBM (IBM)AI is nothing new for IBM (NYSE:IBM). The company has been developing this type of technology for many years. For example, back in 1985, it developed its AI computer called Deep Blue. It would actually beat chess world champion Garry Kasparov in 1996. Then in 2011, IBM created Watson to take on the best players on the quiz show Jeopardy!. The computer won.Now, IBM has definitely had its troubles. But the investments in AI and other cutting-edge technologies have been making a difference. Note that during the trailing 12 months, IBM's Strategic Imperatives, which include cloud computing, security, analytics, Big Data and mobile, generated $39 billion, or about 48% of total revenues. This has helped improve the growth rate of the overall business.IBM stock also has an attractive dividend, which is at 4.49%. This is one of the highest in the tech industry. Oh, and the valuation is reasonable as well. Consider that the forward price-to-earnings ratio is only 9.88x.Source: Shutterstock Yext (YEXT)Yext (NYSE:YEXT) has been among the most exciting Artificial Intelligence stocks. The reason: the company is a top data provider, with integrations of over 150 services from operators like Google, Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), Microsoft, Facebook (NASDAQ:FB) and Tencent (OTCMKTS:TCEHY). Yext has also added context and intent to all this, which allows for more accurate real-time searches.On the latest earnings call, CEO Howard Lerman noted: "Today, we manage more than 185 million facts about our customers in our platform, providing brand-verified answers in services like Google, Siri, Alexa and WeChat to consumers looking for information verified by the source of truth.." * 7 Winning High-Yield Dividend Stocks With Payouts Over 5% Growth has been strong. In the latest quarter, revenues shot up by 33% to $63.8 million. The company has also been getting much traction with enterprise customers. Note that the quarter saw nearly 130 new logos.Source: Simone.Brunozzi Via Flickr Baidu (BIDU)When it comes to the search business, Baidu (NASDAQ:BIDU) remains the king in China. Over the years, the company has transitioned to mobile, which has been critical. But BIDU has also invested heavily in becoming one of the serious artificial intelligence stocks. This has helped with personalizing the search experience as well as improving the impact of online ads.But AI has done more than just bolster BIDU's own platform. The company has created several platforms for third parties. One is DuerOS, which has an installed base of 100 million devices and processes over 400 million queries a month. Then there is Apollo. It is an AI system for autonomous vehicles. Recently, BIDU used this with King Long Motors to launch the first fully self-driving L4 minibus.The AI efforts have been paying off. In the latest quarter, revenues jumped by 27% to $4.1 billion and the adjusted EBITDA came to $988 million -- or about 24% of total revenues. Yes, BIDU has a highly scalable business model.BIDU stock has taken a hit over the past year, down 32%. Keep in mind that Chinese stocks have been in the bear phase and that there are concerns about the U.S. trade tensions. But for investors looking for a play on AI in China, BIDU stock does look attractive at these levels.Tom Taulli is the author of High-Profit IPO Strategies, All About Commodities and All About Short Selling. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities. 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    The social stigma against marijuana continues to slowly dissipate.Source: Shutterstock A construction worker's pick-up truck passed me twice during a recent walk, apparently looking for a job site, the smell of marijuana smoke redolent in the air. It's still illegal to smoke in Georgia, but that doesn't mean the illegal market isn't operating …But what about the legal market?InvestorPlace - Stock Market News, Stock Advice & Trading TipsStock in Tilray (NASDAQ:TLRY), the Canadian pot company, now sits finely poised between earnings due on today after the bell and a shortage of stock to short.Tilray stock is expected to lose 12 cents per share on revenue of $14.15 million. (Earnings Whispers puts the numbers for earnings and revenue at -15 cents and $17.69mm, respectively.) But that may be less important to speculators than Tilray's efforts to create credibility with the marijuana and general investor communities. * 7 Small-Cap Stocks That Make the Grade Consider the following: Tilray has appointed Andrew Pucher, a former managing director at Goldman Sachs (NYSE:GS), as chief corporate development officer.Pucher joins a team that now includes former executives from Nestle (OTCMKTS:NSRGY), Diageo (NYSE:DEO), Coca-Cola (NYSE:KO) and Starbucks (NASDAQ:SBUX). Further, Tilray has a partnership with Novartis (NYSE:NVS), a joint venture with Anheuser-Busch InBev (NYSE:BUD) and a production agreement with the privately-held Authentic Brands Group.Finally, Tilray last week announced a deal to buy Manitoba Harvest from Compass Group (NYSE:CODI) for about $315 million.With all this corporate star power and deal-making, you would think Tilray would be a major pot producer. What About the Product?What product?Tilray sold no marijuana during the first two weeks after Canada legalized it in October. CEO Brendan Kennedy insisted that this will have changed by this quarter, while simultaneously announcing he bought producer Natura Naturals for $26.3 million. If all this is leaving you skeptical about the company, you're not alone …Tilray short interest recently stood at 4 million shares, 24.62% of the company's float, and there's no more available to borrow. That's why shares of a company that may report revenue of $17 million trade at a market capitalization of almost $7 billion.The other is that most of the shares don't trade, with over 78% held by "individual stakeholders." There are 79 million shares outstanding. The Marijuana MarketSpeculators are betting that over the next few years, many more U.S. states will legalize marijuana sales and are looking to legislators for guidance.New Jersey is the latest with a bill to allow recreational sales. Meanwhile, Massachusetts is getting a network of pot shops, debate has begun in Connecticut and New York Governor Andrew Cuomo is pushing the issue.But despite the examples of Colorado and Washington, the path to legal pot is still not a straight line.Minnesota Republicans recently rejected a legalization effort, prospects are dimming in New Mexico and New York's move is being held up by black legislators who want specific provisions for their communities to benefit.As a result, most moves lately have been toward legalizing medical marijuana, with doctors' prescriptions and extensive regulation. Florida is moving in that direction. So is Oklahoma.All that said, marijuana remains an illegal drug under U.S. law.People are still being put in jail for marijuana offenses and Tesla (NASDAQ:TSLA) CEO Elon Musk may lose his SpaceX security clearance after being shown on video smoking pot on a podcast. Bottom Line on Tilray StockDespite the success of Colorado, where marijuana sales are now growing at only single-digit rates in the fifth year of legalization, the product remains controversial.Tilray and its competitors are preparing for an opportunity that may not come to them for years. Meanwhile, marijuana stocks have been bid well beyond fundamentals. A lot of people are cashing big paychecks, and the dream of a well-regulated American pot market remains hazy.Dana Blankenhorn is a financial and technology journalist. He is the author of a new mystery thriller, The Reluctant Detective Finds Her Family, available now at the Amazon Kindle store. Write him at danablankenhorn@gmail.com or follow him on Twitter at @danablankenhorn. As of this writing, he owned no shares in companies mentioned in this article. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 of the Best Stocks to Buy Under $10 * 7 Single-Digit P/E Stocks With Massive Upside * 7 Best Quantum Computing Stocks Trading Today Compare Brokers The post Tilray Stock Mania Holds Its Breath as Earnings Approach appeared first on InvestorPlace.

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    PepsiCo (NASDAQ:PEP) has become a favorite among investors. How could it not, given its consistency, continued growth and dividend increases? Yet, as good as PEP stock is, not everyone is sold on the beverage and snacks maker. Who's not on board? Credit Suisse analysts.Last week, the research team initiated coverage on the Pepsi stock with an underperform rating and $100 price target on shares. The stock didn't really feel the impact of that downgrade -- given the strength of the overall market lately -- but as it stands, the target implies just under 14% downside from yesterday's $115.50 close.Is that something investors really need to look out for and if so, should they consider Coca-Cola (NYSE:KO) instead? KO stock sits midway between its 52-week low and high.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Evaluating PepsiCoWorth pointing out (or maybe not) is that Credit Suisse has the lowest price target on the Street. The average target is at $117.75, not much higher than current levels, while the highest sits up at $133, implying just over 14% upside.The analyst is critical over PEP stock's valuation, which is admittedly a bit high. The stock trades at more than 21 times this year's earnings. That wouldn't be all that bad for a blue-chip stock, but the growth profile is disappointing. Analysts expect the company to earn $5.51 per share this year, which is a 2.7% decline from 2018. That's despite 2.5% sales growth this year.Over the last five years, PEP stock has an average forward price-to-earnings ratio of 19.9. If that were the case now, that would put Pepsi stock down near $109. * 7 Winning High-Yield Dividend Stocks With Payouts Over 5% Perhaps investors are excited about the company's prospect of growing earnings and sales 7.8% and 3.9% in fiscal 2020, respectively, but that's a long ways off. Some further digging shows Pepsi stock has other strains.While gross margins are ticking higher in the recent quarter, they have been trending lower for over two years on a trailing 12-month basis. Operating margins have come under pressure over the past few quarters, while free cash flow has been greatly pressured. In 2016, the company generated more than $8 billion in free cash flow, while in 2018 it barely eclipsed $6 billion. Trading Pepsi Stock Click to EnlargeIs PEP stock a bad company to own? Absolutely not. After the company's 15.2% dividend bump last May, the stock pays out a respectable 3.2% yield. For long-term investors, this potential decline isn't likely enough of a reason to sell the stock. But perhaps it will cause them to wait for a decline before buying more.I don't know if we get Pepsi down to $100 without a market-wide correction. That said, its valuation is stretched at a time when growth isn't exactly robust. As for the PEP stock price, take a look at the three-year weekly chart above. Support and resistance are quite clear, while uptrend support (in blue) makes its way higher. * 7 Top Stocks to Buy From Goldman Sachs' Secret Portfolio The Doritos maker is a good company, so I'd be interested on a pullback into support, (although we won't likely get it at $96 like we did last time). Because the Pepsi stock valuation is stretched, it makes me hesitant to buy -- even on a move over resistance, given this isn't the type of quick-moving momentum stock that investors typically trade. KO Stock or PEP Stock?So that brings up the question, should investors buy PEP stock or KO stock?To much surprise, KO stock might be the better buy, at least right now. Coca-Cola stock trades at almost 22 times this year's earnings, which is only slightly higher than Pepsi. However, analysts expect earnings to grow 1% this year on the back of 9.3% sales growth. In 2020, forecast call for a similar outlook to Pepsi, which is for 7.6% earnings growth and 4.4% sales growth.Coke has superior growth in 2019 and similar growth in 2020, while maintaining similar free cash flow profiles and superior margins to PEP. Also worth mentioning is KO stock's dividend yield, which stands at 3.5%.That said, KO stock doesn't have a screaming-low valuation and its earnings growth is somewhat disappointing given the more than 9% sales growth this year. The chart looks decent though. Click to EnlargeSupport at $43.50 to $44 continues to hold, while KO stock is above the 200-day level and is now coiling just beneath $46. We got lucky with our sell call at $50 and now may be a time to add back to that position a bit.The conclusion? Neither KO stock or PEP stock jumps out as a massively better pick than the other. Over the next 12 months though, Coca-Cola stock seems to have the edge.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 15 Stocks Sitting on Huge Piles of Cash * The 10 Best Stocks to Buy for the Bull Market's Anniversary * 7 Dividend Stocks With Big Yields Compare Brokers The post As Credit Suisse Says Pepsi Stock Could Fall 14%, Is KO Stock A Better Buy? appeared first on InvestorPlace.

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