Coca-Cola (NYSE:KO) Issues FY 2024 Earnings Guidance

Coca-Cola (NYSE:KO) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.830-2.850 for the period, compared to the consensus EPS estimate of 2.820. The company issued revenue guidance of -. Coca-Cola also updated its FY24 guidance to $2.82-2.85 EPS.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Morgan Stanley increased their price objective on Coca-Cola from $68.00 to $70.00 and gave the stock an overweight rating in a research report on Monday, June 10th. Deutsche Bank Aktiengesellschaft raised their price target on Coca-Cola from $64.00 to $65.00 and gave the stock a hold rating in a research report on Wednesday. Citigroup raised their price target on Coca-Cola from $72.00 to $75.00 and gave the stock a buy rating in a research report on Wednesday. Bank of America lifted their target price on Coca-Cola from $68.00 to $70.00 and gave the company a buy rating in a report on Wednesday, July 10th. Finally, UBS Group lifted their target price on Coca-Cola from $70.00 to $72.00 and gave the company a buy rating in a report on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Coca-Cola presently has an average rating of Moderate Buy and an average target price of $70.20.

Coca-Cola Stock Performance

Shares of KO traded up $0.56 during midday trading on Thursday, reaching $66.37. 5,586,966 shares of the stock were exchanged, compared to its average volume of 12,816,470. The business’s 50-day moving average price is $63.34 and its 200 day moving average price is $61.41. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.04 and a quick ratio of 0.86. Coca-Cola has a twelve month low of $51.55 and a twelve month high of $66.89. The company has a market capitalization of $285.92 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 3.66 and a beta of 0.59.

Coca-Cola (NYSE:KO) last posted its earnings results on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Coca-Cola had a return on equity of 43.49% and a net margin of 22.92%. The business had revenue of $12.40 billion for the quarter, compared to analysts’ expectations of $11.78 billion. During the same quarter in the previous year, the firm earned $0.78 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts expect that Coca-Cola will post 2.84 EPS for the current fiscal year.

Coca-Cola Dividend Announcement

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 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Friday, June 14th. Coca-Cola’s dividend payout ratio is currently 77.60%.

Insider Buying and Selling

In related news, EVP Nancy Quan sold 19,304 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at $14,507,516.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Nancy Quan sold 19,304 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the sale, the executive vice president now owns 223,330 shares of the company’s stock, valued at approximately $14,507,516.80. 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 the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 218,880 shares in the company, valued at approximately $13,644,979.20. The disclosure for this sale can be found here. Insiders have sold a total of 841,588 shares of company stock valued at $568,972,027 over the last quarter. 0.97% of the stock is currently owned by 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.