Coca-Cola (NYSE:KO) Issues FY24 Earnings Guidance

Coca-Cola (NYSE:KO) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.80-$2.82 for the period, compared to the consensus EPS estimate of $2.81. Coca-Cola also updated its FY 2024 guidance to 2.800-2.830 EPS.

Coca-Cola Stock Performance

Shares of Coca-Cola stock traded up $0.18 on Friday, reaching $62.18. The stock had a trading volume of 11,627,983 shares, compared to its average volume of 14,021,238. Coca-Cola has a fifty-two week low of $51.55 and a fifty-two week high of $64.25. The business’s 50-day moving average price is $60.22 and its two-hundred day moving average price is $59.06. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 1.04. The stock has a market cap of $268.05 billion, a P/E ratio of 24.87, a price-to-earnings-growth ratio of 3.54 and a beta of 0.57.

Coca-Cola (NYSE:KO) last released its earnings results on Tuesday, April 30th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $11.30 billion during the quarter, compared to analyst estimates of $11.01 billion. Coca-Cola had a net margin of 23.41% and a return on equity of 42.74%. The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 EPS. On average, sell-side analysts forecast that Coca-Cola will post 2.81 EPS for the current year.

Coca-Cola Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 3.12%. The ex-dividend date is Friday, June 14th. Coca-Cola’s dividend payout ratio is currently 77.60%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on KO. Barclays raised their price objective on shares of Coca-Cola from $68.00 to $69.00 and gave the stock an overweight rating in a research note on Thursday. Citigroup raised their price target on shares of Coca-Cola from $67.00 to $68.00 and gave the stock a buy rating in a research report on Wednesday, January 17th. JPMorgan Chase & Co. upped their price objective on shares of Coca-Cola from $65.00 to $68.00 and gave the company an overweight rating in a research report on Wednesday. UBS Group lifted their target price on Coca-Cola from $70.00 to $72.00 and gave the stock a buy rating in a research report on Wednesday. Finally, Evercore ISI boosted their price target on Coca-Cola from $67.00 to $70.00 and gave the company an outperform rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Coca-Cola currently has an average rating of Moderate Buy and a consensus price target of $68.27.

Insider Buying and Selling at Coca-Cola

In other news, CEO James Quincey sold 247,188 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total value of $15,063,636.72. Following the completion of the transaction, the chief executive officer now directly owns 442,546 shares of the company’s stock, valued at approximately $26,968,753.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Bruno Pietracci sold 18,551 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $59.41, for a total transaction of $1,102,114.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total value of $15,063,636.72. Following the completion of the transaction, the chief executive officer now directly owns 442,546 shares in the company, valued at $26,968,753.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 323,107 shares of company stock valued at $19,657,742. 0.97% of the stock is currently owned by corporate insiders.

Coca-Cola Company Profile

The Coca-Cola Company, a beverage company, manufactures, markets, and sells various nonalcoholic beverages worldwide. The company provides sparkling soft drinks, sparkling flavors; water, sports, coffee, and tea; juice, value-added dairy, and plant-based beverages; and other beverages. It also offers beverage concentrates and syrups, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.