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 $2.80-$2.82 for the period, compared to the consensus estimate of $2.81. Coca-Cola also updated its FY 2024 guidance to 2.800-2.830 EPS.

Analysts Set New Price Targets

Several equities analysts have recently commented on KO shares. Citigroup boosted their price objective on Coca-Cola from $67.00 to $68.00 and gave the company a buy rating in a research report on Wednesday, January 17th. JPMorgan Chase & Co. lowered their price target on Coca-Cola from $66.00 to $65.00 and set an overweight rating on the stock in a report on Friday, April 19th. Finally, Barclays increased their price objective on shares of Coca-Cola from $66.00 to $68.00 and gave the company an overweight rating in a report on Friday, April 12th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $67.22.

Coca-Cola Trading Up 0.5 %

KO opened at $62.38 on Tuesday. The stock’s 50 day moving average price is $60.17 and its 200-day moving average price is $58.96. Coca-Cola has a one year low of $51.55 and a one year high of $64.69. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.95 and a current ratio of 1.13. The stock has a market cap of $268.93 billion, a price-to-earnings ratio of 25.02, a P/E/G ratio of 3.53 and a beta of 0.59.

Coca-Cola (NYSE:KO) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $11.30 billion during the quarter, compared to analyst estimates of $11.01 billion. Coca-Cola had a return on equity of 42.50% and a net margin of 23.42%. Coca-Cola’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 earnings per share. On average, equities analysts forecast that Coca-Cola will post 2.81 EPS for the current year.

Coca-Cola Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.485 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.94 dividend on an annualized basis and a yield of 3.11%. This is a positive change from Coca-Cola’s previous quarterly dividend of $0.46. Coca-Cola’s dividend payout ratio is currently 78.23%.

Insider Transactions at Coca-Cola

In other Coca-Cola news, EVP Nancy Quan sold 57,368 shares of the business’s stock in a transaction dated 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 directly owns 223,330 shares in the company, valued at $13,594,097.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO James Quincey sold 247,188 shares of the business’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 transaction, the chief executive officer now directly owns 442,546 shares in the company, valued at approximately $26,968,753.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Nancy Quan sold 57,368 shares of the stock in a transaction dated 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 sale, 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 three months, insiders sold 323,107 shares of company stock valued at $19,657,742. Corporate insiders own 0.97% of the company’s stock.

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.