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

Coca-Cola (NYSE:KO) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.82-2.85 for the period, compared to the consensus estimate of $2.82. Coca-Cola also updated its FY 2024 guidance to 2.830-2.850 EPS.

Coca-Cola Stock Performance

Shares of KO stock traded up $0.87 during mid-day trading on Thursday, reaching $66.68. The stock had a trading volume of 3,403,528 shares, compared to its average volume of 12,801,094. The company has a current ratio of 1.04, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. Coca-Cola has a 1-year low of $51.55 and a 1-year high of $66.89. The firm has a market cap of $287.25 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 3.66 and a beta of 0.59. The business’s fifty day moving average is $63.34 and its 200-day moving average is $61.41.

Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.03. The company had revenue of $12.40 billion for the quarter, compared to the consensus estimate of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.49%. Coca-Cola’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS. On average, research analysts forecast that Coca-Cola will post 2.84 earnings per share for the current year.

Coca-Cola Announces Dividend

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Citigroup lifted their price target on Coca-Cola from $72.00 to $75.00 and gave the company a buy rating in a research report on Wednesday. Truist Financial boosted their target price on shares of Coca-Cola from $65.00 to $70.00 and gave the company a buy rating in a research note on Thursday. BNP Paribas assumed coverage on shares of Coca-Cola in a research note on Monday, June 24th. They set an outperform rating and a $72.00 target price on the stock. StockNews.com cut Coca-Cola from a buy rating to a hold rating in a research report on Friday, July 19th. Finally, Argus boosted their price target on Coca-Cola from $70.00 to $72.00 and gave the stock a buy rating in a research report on Wednesday, May 22nd. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $70.20.

Insiders Place Their Bets

In other Coca-Cola news, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $925.00, for a total value of $553,722,575.00. Following the transaction, the insider now directly owns 1,883,546 shares of the company’s stock, valued at approximately $1,742,280,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder Cola Co Coca sold 598,619 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $925.00, for a total transaction of $553,722,575.00. Following the sale, the insider now owns 1,883,546 shares of the company’s stock, valued at approximately $1,742,280,050. The sale 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 on Friday, June 14th. The stock was sold at an average price of $62.34, for a total value of $5,042,744.94. Following the transaction, the insider now directly owns 218,880 shares of the company’s stock, valued at $13,644,979.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 841,588 shares of company stock valued at $568,972,027. 0.97% of the stock is owned by company 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.