Coca-Cola (NYSE:KO) Posts Earnings Results

Coca-Cola (NYSE:KO) announced its quarterly earnings data on Tuesday. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.03, Briefing.com reports. The company had revenue of $12.40 billion for the quarter, compared to analysts’ expectations of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.49%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS. Coca-Cola updated its FY24 guidance to $2.82-2.85 EPS and its FY 2024 guidance to 2.830-2.850 EPS.

Coca-Cola Stock Up 1.3 %

Shares of KO stock traded up $0.84 during trading on Thursday, hitting $66.65. 4,530,519 shares of the company were exchanged, compared to its average volume of 12,809,030. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 1.04. The firm has a market capitalization of $287.13 billion, a price-to-earnings ratio of 26.60, a P/E/G ratio of 3.66 and a beta of 0.59. The business’s 50-day simple moving average is $63.34 and its 200 day simple moving average is $61.41. Coca-Cola has a twelve month low of $51.55 and a twelve month high of $66.89.

Coca-Cola Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Friday, June 14th. Coca-Cola’s dividend payout ratio is currently 77.60%.

Insider Buying and Selling

In related news, insider Nikolaos Koumettis sold 80,891 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $62.34, for a total transaction of $5,042,744.94. Following the completion of the sale, the insider now directly owns 218,880 shares in the company, valued at $13,644,979.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Coca-Cola news, EVP Beatriz R. Perez sold 57,298 shares of Coca-Cola stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $61.99, for a total value of $3,551,903.02. Following the completion of the sale, the executive vice president now directly owns 167,107 shares in the company, valued at $10,358,962.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nikolaos Koumettis sold 80,891 shares of Coca-Cola stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $62.34, for a total transaction of $5,042,744.94. Following the completion of the sale, the insider now owns 218,880 shares of the company’s stock, valued at $13,644,979.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 841,588 shares of company stock worth $568,972,027. 0.97% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of Coca-Cola from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. lifted their price objective on shares of Coca-Cola from $68.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Citigroup lifted their price objective on shares of Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday. Argus lifted their price objective on shares of Coca-Cola from $70.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Coca-Cola from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.20.

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.