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

Coca-Cola (NYSE:KO) updated its FY24 earnings guidance on Tuesday. 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 Stock Up 0.5 %

KO stock opened at $62.38 on Tuesday. Coca-Cola has a fifty-two week low of $51.55 and a fifty-two week high of $64.69. The company’s 50 day moving average price is $60.17 and its 200 day moving average price is $58.96. 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 firm has a market capitalization of $268.93 billion, a price-to-earnings ratio of 25.02, a PEG ratio of 3.53 and a beta of 0.59.

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

Coca-Cola Increases Dividend

The firm also recently declared 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. This represents a $1.94 dividend on an annualized basis and a yield of 3.11%. This is an increase from Coca-Cola’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, March 14th. Coca-Cola’s payout ratio is 78.23%.

Analyst Ratings Changes

A number of research firms have recently commented on KO. JPMorgan Chase & Co. dropped their price objective on Coca-Cola from $66.00 to $65.00 and set an overweight rating on the stock in a report on Friday, April 19th. Citigroup increased their price target on shares of Coca-Cola from $67.00 to $68.00 and gave the company a buy rating in a research note on Wednesday, January 17th. Finally, Barclays boosted their price objective on shares of Coca-Cola from $66.00 to $68.00 and gave the stock an overweight rating in a research 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 company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $67.22.

Insider Activity

In related news, CEO James Quincey sold 247,188 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now 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 the SEC website. In related news, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total value of $15,063,636.72. Following the transaction, the chief executive officer now owns 442,546 shares in the company, valued at approximately $26,968,753.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bruno Pietracci sold 18,551 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 323,107 shares of company stock valued at $19,657,742. 0.97% of the stock is currently owned by company insiders.

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.