Coca-Cola (NYSE:KO) Issues 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 Down 0.7 %

Coca-Cola stock traded down $0.42 during trading hours on Tuesday, hitting $61.62. The stock had a trading volume of 9,783,714 shares, compared to its average volume of 13,934,676. The company has a quick ratio of 0.95, a current ratio of 1.13 and a debt-to-equity ratio of 1.29. 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 12-month low of $51.55 and a 12-month high of $64.69. The stock has a market capitalization of $265.66 billion, a P/E ratio of 24.88, a price-to-earnings-growth ratio of 3.53 and a beta of 0.59.

Coca-Cola (NYSE:KO) last issued its earnings results on Tuesday, April 30th. The company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. Coca-Cola had a net margin of 23.42% and a return on equity of 42.50%. The firm had revenue of $11.30 billion during the quarter, compared to analyst estimates of $11.01 billion. During the same quarter in the prior year, the business earned $0.68 earnings per share. Coca-Cola’s revenue for the quarter was up 2.7% on a year-over-year basis. 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 given a dividend of $0.485 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Coca-Cola’s previous quarterly dividend of $0.46. This represents a $1.94 dividend on an annualized basis and a yield of 3.15%. Coca-Cola’s dividend payout ratio (DPR) is currently 78.23%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on KO shares. Barclays boosted their price target on shares of Coca-Cola from $66.00 to $68.00 and gave the stock an overweight rating in a research note on Friday, April 12th. Citigroup upped their price target on Coca-Cola from $67.00 to $68.00 and gave the stock a buy rating in a research note on Wednesday, January 17th. Finally, JPMorgan Chase & Co. cut their price objective on Coca-Cola from $66.00 to $65.00 and set an overweight rating for the company in a research report on Friday, April 19th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $67.22.

Insider Activity at Coca-Cola

In other news, insider Bruno Pietracci sold 18,551 shares of the stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 owns 442,546 shares of the company’s stock, valued at approximately $26,968,753.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bruno Pietracci sold 18,551 shares of Coca-Cola stock in a transaction that occurred on Monday, March 4th. The shares were 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. Over the last ninety days, insiders sold 323,107 shares of company stock worth $19,657,742. Company 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.