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

Coca-Cola (NYSE:KO) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.800-2.830 for the period, compared to the consensus EPS estimate of 2.630. The company issued revenue guidance of -. Coca-Cola also updated its FY24 guidance to $2.80-$2.82 EPS.

Analyst Upgrades and Downgrades

KO has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Coca-Cola from $66.00 to $65.00 and set an overweight rating for the company in a report on Friday, April 19th. Citigroup increased their target price on shares of Coca-Cola from $67.00 to $68.00 and gave the stock a buy rating in a report on Wednesday, January 17th. Finally, Barclays increased their target price on shares of Coca-Cola from $66.00 to $68.00 and gave the stock 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $67.22.

Coca-Cola Stock Performance

Shares of KO traded down $0.31 during trading hours on Tuesday, hitting $61.73. The company had a trading volume of 8,597,680 shares, compared to its average volume of 13,921,744. The firm has a market cap of $266.13 billion, a price-to-earnings ratio of 24.92, a PEG ratio of 3.53 and a beta of 0.59. The business has a fifty day moving average of $60.17 and a 200-day moving average of $58.96. Coca-Cola has a 12 month low of $51.55 and a 12 month high of $64.69. The company has a quick ratio of 0.95, a current ratio of 1.13 and a debt-to-equity ratio of 1.29.

Coca-Cola (NYSE:KO) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. Coca-Cola had a net margin of 23.42% and a return on equity of 42.50%. The business had revenue of $11.30 billion for the quarter, compared to the consensus estimate of $11.01 billion. During the same period in the prior year, the company posted $0.68 earnings per share. Coca-Cola’s revenue was up 2.7% compared to the same quarter last year. Equities analysts anticipate that Coca-Cola will post 2.81 EPS for the current fiscal year.

Coca-Cola Increases Dividend

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

Insiders Place Their Bets

In other news, insider Bruno Pietracci sold 18,551 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $59.41, for a total value of $1,102,114.91. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Coca-Cola news, EVP Nancy Quan sold 57,368 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $13,594,097.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bruno Pietracci sold 18,551 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $59.41, for a total transaction of $1,102,114.91. The disclosure for this sale can be found here. Insiders have sold 323,107 shares of company stock worth $19,657,742 over the last ninety days. Corporate 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.