Zacks Investment Research Downgrades Coca-Cola Enterprises Inc. (CCE) to Strong Sell
Coca-Cola Enterprises Inc. (NYSE:CCE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Coca-Cola European Partners PLC is a consumer packaged goods company. It is engaged in producing, distributing and marketing nonalcoholic ready-to-drink beverages. It operates primarily in Andorra, Belgium, continental France, Germany, Great Britain, Luxembourg, Monaco, the Netherlands, Norway, Portugal, Spain and Sweden. Coca-Cola European Partners PLC, formerly known as Coca-Cola Enterprises Inc., is headquartered in Uxbridge, United Kingdom. “
Several other equities research analysts have also commented on CCE. Susquehanna restated a “hold” rating on shares of Coca-Cola Enterprises in a report on Sunday, July 17th. Evercore ISI restated a “buy” rating on shares of Coca-Cola Enterprises in a report on Sunday, June 26th. Vetr upgraded shares of Coca-Cola Enterprises from a “hold” rating to a “strong-buy” rating and set a $55.50 price target for the company in a report on Tuesday, May 31st. Credit Agricole SA reduced their price target on shares of Coca-Cola Enterprises from $60.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, June 1st. Finally, Stifel Nicolaus initiated coverage on shares of Coca-Cola Enterprises in a research note on Wednesday, June 1st. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Coca-Cola Enterprises has a consensus rating of “Buy” and a consensus price target of $50.54.
Shares of Coca-Cola Enterprises (NYSE:CCE) opened at 39.35 on Tuesday. The company has a 50-day moving average of $39.11 and a 200 day moving average of $43.38. The stock has a market cap of $18.99 billion, a PE ratio of 29.90 and a beta of 1.06. Coca-Cola Enterprises has a one year low of $33.67 and a one year high of $54.54.
Coca-Cola Enterprises (NYSE:CCE) last posted its quarterly earnings results on Thursday, September 22nd. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.74 by $0.11. Coca-Cola Enterprises had a net margin of 7.56% and a return on equity of 28.73%. The business earned $2.87 billion during the quarter, compared to the consensus estimate of $3.03 billion. During the same quarter in the prior year, the firm posted $0.79 EPS. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. On average, analysts predict that Coca-Cola Enterprises will post $2.15 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Monday, October 3rd will be issued a $0.1909 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Thursday, September 29th. Coca-Cola Enterprises’s dividend payout ratio (DPR) is currently 54.79%.
Several hedge funds have recently added to or reduced their stakes in CCE. Natixis increased its stake in Coca-Cola Enterprises by 210.8% in the first quarter. Natixis now owns 1,244,819 shares of the company’s stock valued at $63,162,000 after buying an additional 844,256 shares during the period. National Pension Service increased its stake in Coca-Cola Enterprises by 4.6% in the first quarter. National Pension Service now owns 148,277 shares of the company’s stock valued at $7,524,000 after buying an additional 6,453 shares during the period. Prudential PLC acquired a new stake in Coca-Cola Enterprises during the first quarter valued at approximately $254,000. Renaissance Technologies LLC increased its stake in Coca-Cola Enterprises by 17.3% in the first quarter. Renaissance Technologies LLC now owns 1,651,392 shares of the company’s stock valued at $83,792,000 after buying an additional 244,100 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its stake in Coca-Cola Enterprises by 0.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 323,404 shares of the company’s stock valued at $16,410,000 after buying an additional 1,000 shares during the period. 27.14% of the stock is currently owned by institutional investors and hedge funds.
About Coca-Cola Enterprises
Coca-Cola Enterprises, Inc (CCE) markets, produces and distributes nonalcoholic beverages. The Company serves customers across Belgium, continental France, Great Britain, Luxembourg, Monaco, the Netherlands, Norway and Sweden. The Company’s segments include Europe and Corporate. CCE is The Coca-Cola Company’s strategic bottling partner in Western Europe.
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