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

Coca-Cola (NYSE:KO) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.830-2.850 for the period, compared to the consensus estimate of 2.820. The company issued revenue guidance of -. Coca-Cola also updated its FY24 guidance to $2.82-2.85 EPS.

Wall Street Analysts Forecast Growth

KO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Coca-Cola from $68.00 to $72.00 and gave the stock an overweight rating in a report on Wednesday, July 10th. UBS Group raised their target price on shares of Coca-Cola from $70.00 to $72.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Argus boosted their price target on Coca-Cola from $70.00 to $72.00 and gave the company a buy rating in a report on Wednesday, May 22nd. StockNews.com downgraded Coca-Cola from a buy rating to a hold rating in a report on Friday, July 19th. Finally, BNP Paribas started coverage on Coca-Cola in a research report on Monday, June 24th. They set an outperform rating and a $72.00 target price for the company. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Coca-Cola presently has an average rating of Moderate Buy and a consensus price target of $69.86.

Coca-Cola Stock Up 1.2 %

Coca-Cola stock traded up $0.76 during trading hours on Wednesday, reaching $65.72. The stock had a trading volume of 4,935,080 shares, compared to its average volume of 12,808,812. The company has a market cap of $283.12 billion, a price-to-earnings ratio of 26.20, a PEG ratio of 3.67 and a beta of 0.59. The business’s 50 day moving average price is $63.29 and its 200-day moving average price is $61.38. Coca-Cola has a 52 week low of $51.55 and a 52 week high of $66.04. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.04 and a quick ratio of 0.86.

Coca-Cola (NYSE:KO) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. Coca-Cola had a return on equity of 42.74% and a net margin of 23.41%. The firm had revenue of $12.40 billion during the quarter, compared to analyst estimates of $11.78 billion. During the same quarter in the prior year, the business posted $0.78 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that Coca-Cola will post 2.82 EPS for the current year.

Coca-Cola Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were given a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend was Friday, June 14th. Coca-Cola’s dividend payout ratio is presently 77.60%.

Insiders Place Their Bets

In related news, EVP Nancy Quan sold 19,304 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total value of $1,253,987.84. Following the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $14,507,516.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Nikolaos Koumettis sold 80,891 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $62.34, for a total value of $5,042,744.94. Following the sale, the insider now owns 218,880 shares in the company, valued at $13,644,979.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nancy Quan sold 19,304 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $64.96, for a total transaction of $1,253,987.84. Following the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at approximately $14,507,516.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 841,588 shares of company stock valued at $568,972,027. 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.