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

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

Coca-Cola Price Performance

Shares of KO traded up $0.35 during trading hours on Thursday, hitting $62.28. 5,277,951 shares of the stock were exchanged, compared to its average volume of 13,978,699. The stock’s 50-day moving average price is $60.21 and its two-hundred day moving average price is $59.04. The company has a market cap of $268.50 billion, a price-to-earnings ratio of 24.84, a price-to-earnings-growth ratio of 3.53 and a beta of 0.57. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 1.04. Coca-Cola has a 12-month low of $51.55 and a 12-month high of $64.25.

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

Coca-Cola Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a $0.485 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.11%. This is an increase from Coca-Cola’s previous quarterly dividend of $0.46. Coca-Cola’s dividend payout ratio is presently 77.60%.

Analyst Upgrades and Downgrades

KO has been the subject of a number of research analyst reports. UBS Group upped their target price on Coca-Cola from $70.00 to $72.00 and gave the company a buy rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on Coca-Cola from $65.00 to $68.00 and gave the stock an overweight rating in a research report on Wednesday. Evercore ISI increased their price objective on Coca-Cola from $67.00 to $70.00 and gave the stock an outperform rating in a research report on Wednesday. Barclays increased their price objective on Coca-Cola from $66.00 to $68.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Finally, Citigroup increased their price objective on Coca-Cola from $67.00 to $68.00 and gave the stock a buy rating in a research report on Wednesday, January 17th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Coca-Cola currently has an average rating of Moderate Buy and an average target price of $68.18.

Insider Activity

In related news, insider Bruno Pietracci sold 18,551 shares of Coca-Cola stock in a transaction on Monday, March 4th. The stock was sold at an average price of $59.41, for a total value of $1,102,114.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Nancy Quan sold 57,368 shares of Coca-Cola stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $60.87, for a total value of $3,491,990.16. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at $13,594,097.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bruno Pietracci sold 18,551 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $59.41, for a total value of $1,102,114.91. The disclosure for this sale can be found here. Insiders sold a total of 323,107 shares of company stock valued at $19,657,742 over the last quarter. Company insiders own 0.97% of the company’s stock.

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.