Coca-Cola (NYSE:KO) Updates 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.

Coca-Cola Price Performance

KO stock traded down $1.56 during midday trading on Wednesday, reaching $67.89. The company had a trading volume of 13,236,724 shares, compared to its average volume of 13,186,666. Coca-Cola has a 1-year low of $55.10 and a 1-year high of $73.53. The stock has a 50 day moving average price of $70.75 and a 200-day moving average price of $65.94. 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 market capitalization of $292.47 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 3.92 and a beta of 0.60.

Coca-Cola (NYSE:KO) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. The company had revenue of $12.40 billion during the quarter, compared to the consensus estimate of $11.78 billion. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 EPS. Equities research analysts expect that Coca-Cola will post 2.85 earnings per share for the current year.

Coca-Cola Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 2.86%. The ex-dividend date is Friday, November 29th. Coca-Cola’s payout ratio is presently 77.60%.

Wall Street Analysts Forecast Growth

KO has been the subject of a number of research analyst reports. Royal Bank of Canada boosted their price target on Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. TD Cowen boosted their target price on Coca-Cola from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Wells Fargo & Company raised their price target on shares of Coca-Cola from $73.00 to $78.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Barclays increased their price objective on shares of Coca-Cola from $70.00 to $74.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Coca-Cola from $68.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Coca-Cola currently has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Insider Buying and Selling at Coca-Cola

In other Coca-Cola news, EVP Nancy Quan sold 37,787 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $66.96, for a total transaction of $2,530,217.52. Following the completion of the transaction, the executive vice president now owns 223,330 shares in the company, valued at approximately $14,954,176.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Coca-Cola news, CEO James Quincey sold 42,397 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $70.02, for a total value of $2,968,637.94. Following the completion of the sale, the chief executive officer now directly owns 442,546 shares in the company, valued at approximately $30,987,070.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nancy Quan sold 37,787 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $66.96, for a total transaction of $2,530,217.52. Following the transaction, the executive vice president now owns 223,330 shares in the company, valued at $14,954,176.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 356,792 shares of company stock worth $24,728,364. 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.