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

Coca-Cola (NYSE:KO) released its quarterly earnings data on Wednesday. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.74 by $0.03, Briefing.com reports. The business had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS. Coca-Cola updated its FY 2024 guidance to 2.830-2.850 EPS and its FY24 guidance to $2.82 to $2.85 EPS.

Coca-Cola Price Performance

KO traded down $0.55 on Thursday, hitting $67.46. 3,867,049 shares of the company’s stock were exchanged, compared to its average volume of 13,196,854. Coca-Cola has a fifty-two week low of $55.10 and a fifty-two week high of $73.53. The stock has a market cap of $290.61 billion, a price-to-earnings ratio of 26.98, a P/E/G ratio of 3.92 and a beta of 0.60. The firm has a 50-day moving average price of $70.74 and a 200-day moving average price of $65.96. The company has a current ratio of 1.08, a quick ratio of 0.92 and a debt-to-equity ratio of 1.39.

Coca-Cola Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend is Friday, November 29th. Coca-Cola’s dividend payout ratio is presently 77.60%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on KO shares. StockNews.com downgraded Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Wells Fargo & Company lifted their price target on Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Bank of America upped their price objective on Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Cfra reaffirmed a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Finally, Citigroup increased their price target on shares of Coca-Cola from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $71.87.

Insider Buying and Selling

In other news, EVP Nancy Quan sold 18,484 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total value of $1,321,606.00. Following the completion of the sale, the executive vice president now owns 223,330 shares of the company’s stock, valued at $15,968,095. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Bruno Pietracci sold 38,653 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $69.01, for a total transaction of $2,667,443.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total value of $1,321,606.00. Following the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $15,968,095. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 356,792 shares of company stock worth $24,728,364. 0.97% of the stock is owned by 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.