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

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

Coca-Cola Stock Down 1.2 %

Coca-Cola stock traded down $0.82 during midday trading on Thursday, hitting $67.19. 7,060,824 shares of the stock were exchanged, compared to its average volume of 13,212,358. Coca-Cola has a 1 year low of $55.10 and a 1 year high of $73.53. The firm has a market cap of $289.45 billion, a P/E ratio of 26.98, a P/E/G ratio of 3.92 and a beta of 0.60. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.08 and a quick ratio of 0.92. The company has a 50 day moving average price of $70.74 and a two-hundred day moving average price of $65.96.

Coca-Cola (NYSE:KO) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.03. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The firm had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. The firm’s quarterly revenue was down .8% on a year-over-year basis. On average, sell-side analysts predict that Coca-Cola will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 2.89%. The ex-dividend date is Friday, November 29th. Coca-Cola’s dividend payout ratio is currently 77.60%.

Analyst Upgrades and Downgrades

KO has been the subject of several recent analyst reports. Cfra reissued a “hold” rating on shares of Coca-Cola in a report on Thursday, September 5th. Barclays raised their price objective on shares of Coca-Cola from $70.00 to $74.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Royal Bank of Canada lifted their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Bank of America lifted their price target on shares of Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Finally, Truist Financial lifted their price target on shares of Coca-Cola from $70.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $71.87.

Insider Transactions at Coca-Cola

In other news, insider Bruno Pietracci sold 38,653 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total value of $2,667,443.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO James Quincey sold 102,533 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $70.02, for a total value of $7,179,360.66. Following the completion of the sale, the chief executive officer now owns 442,546 shares in the company, valued at approximately $30,987,070.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bruno Pietracci sold 38,653 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $69.01, for a total transaction of $2,667,443.53. The disclosure for this sale can be found here. In the last three months, insiders sold 356,792 shares of company stock valued at $24,728,364. Company 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.