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

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on KO shares. Hsbc Global Res upgraded shares of Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. TD Cowen increased their price target on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Morgan Stanley reduced their price objective on shares of Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday. Wells Fargo & Company increased their target price on shares of Coca-Cola from $73.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Finally, Bank of America boosted their price target on shares of Coca-Cola from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Five investment 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $71.87.

Coca-Cola Stock Performance

KO traded up $0.12 during trading on Friday, hitting $67.42. 3,437,956 shares of the stock were exchanged, compared to its average volume of 13,215,902. The company has a quick ratio of 0.92, a current ratio of 1.08 and a debt-to-equity ratio of 1.39. Coca-Cola has a 1-year low of $55.10 and a 1-year high of $73.53. The stock has a fifty day moving average price of $70.71 and a two-hundred day moving average price of $65.97. The firm has a market capitalization of $290.44 billion, a P/E ratio of 27.00, a PEG ratio of 3.92 and a beta of 0.60.

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

Coca-Cola Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a dividend yield of 2.88%. Coca-Cola’s dividend payout ratio (DPR) is 77.60%.

Insider Activity at Coca-Cola

In other Coca-Cola news, insider Bruno Pietracci sold 38,653 shares of Coca-Cola stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $69.01, for a total value of $2,667,443.53. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Nancy Quan sold 18,482 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the completion of the transaction, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $15,398,603.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Bruno Pietracci sold 38,653 shares of Coca-Cola 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 disclosure for this sale can be found here. Insiders have sold 319,005 shares of company stock worth $22,198,147 in the last quarter. 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.