Coca-Cola (NYSE:KO) Updates 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 Up 0.3 %

NYSE:KO traded up $0.18 during trading hours on Friday, hitting $62.18. The company’s stock had a trading volume of 11,627,983 shares, compared to its average volume of 14,021,238. The stock has a market capitalization 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. The company has a current ratio of 1.04, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. The stock has a fifty day moving average of $60.22 and a 200-day moving average of $59.06. Coca-Cola has a 52-week low of $51.55 and a 52-week high of $64.25.

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

Coca-Cola Dividend Announcement

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

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, CEO James Quincey sold 247,188 shares of Coca-Cola stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $60.94, for a total transaction of $15,063,636.72. Following the completion of the sale, the chief executive officer now directly owns 442,546 shares in the company, valued at $26,968,753.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO James Quincey sold 247,188 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total transaction of $15,063,636.72. Following the sale, the chief executive officer now owns 442,546 shares in the company, valued at $26,968,753.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nancy Quan sold 57,368 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total value of $3,491,990.16. Following the completion of the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at $13,594,097.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 323,107 shares of company stock worth $19,657,742. 0.97% of the stock is owned by corporate insiders.

About Coca-Cola

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.