Coca-Cola (NYSE:KO) Posts Quarterly Earnings Results

Coca-Cola (NYSE:KO) posted its quarterly earnings results on Tuesday. The company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02, RTT News reports. Coca-Cola had a return on equity of 42.50% and a net margin of 23.42%. The firm had revenue of $11.30 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same period last year, the company earned $0.68 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. Coca-Cola updated its FY 2024 guidance to 2.800-2.830 EPS and its FY24 guidance to $2.80-$2.82 EPS.

Coca-Cola Stock Performance

Coca-Cola stock opened at $61.76 on Wednesday. Coca-Cola has a fifty-two week low of $51.55 and a fifty-two week high of $64.69. The firm’s fifty day moving average price is $60.19 and its 200-day moving average price is $59.02. The stock has a market cap of $266.26 billion, a P/E ratio of 24.90, a price-to-earnings-growth ratio of 3.54 and a beta of 0.59. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.95 and a current ratio of 1.13.

Coca-Cola Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were issued a $0.485 dividend. This is a positive change from Coca-Cola’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 3.14%. Coca-Cola’s dividend payout ratio is presently 78.23%.

Analysts Set New Price Targets

KO has been the topic of several analyst reports. Barclays upped their price target on Coca-Cola from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. JPMorgan Chase & Co. decreased their target price on shares of Coca-Cola from $66.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Finally, Citigroup raised their price target on shares of Coca-Cola from $67.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.22.

Insider Activity at Coca-Cola

In other Coca-Cola news, CEO James Quincey sold 247,188 shares of Coca-Cola stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $26,968,753.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Coca-Cola news, CEO James Quincey sold 247,188 shares of Coca-Cola stock in a transaction that occurred on Thursday, February 22nd. The shares were 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 of the company’s stock, valued at $26,968,753.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nancy Quan sold 57,368 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $60.87, for a total transaction of $3,491,990.16. Following the completion of the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $13,594,097.10. The disclosure for this sale can be found here. Insiders have sold a total of 323,107 shares of company stock valued at $19,657,742 over the last 90 days. 0.97% of the stock is 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.