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

Coca-Cola (NYSE:KO) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 2.830-2.850 for the period, compared to the consensus EPS 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 Performance

Shares of KO stock traded down $1.69 on Wednesday, reaching $67.76. The stock had a trading volume of 11,853,701 shares, compared to its average volume of 13,179,920. The stock has a market cap of $291.91 billion, a P/E ratio of 27.04, a price-to-earnings-growth ratio of 3.92 and a beta of 0.60. Coca-Cola has a 1 year low of $55.10 and a 1 year high of $73.53. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.92 and a current ratio of 1.08. The company has a 50 day simple moving average of $70.75 and a 200 day simple moving average of $65.94.

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

Coca-Cola Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given 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 yield of 2.86%. Coca-Cola’s dividend payout ratio (DPR) is presently 77.60%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Coca-Cola from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Citigroup lifted their target price on Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Morgan Stanley lifted their target price on Coca-Cola from $70.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. StockNews.com cut Coca-Cola from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Finally, Hsbc Global Res raised Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. Five 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Insiders Place Their Bets

In other Coca-Cola news, EVP Nancy Quan sold 18,482 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $68.95, for a total transaction of $1,274,333.90. Following the sale, the executive vice president now directly owns 223,330 shares of the company’s stock, valued at $15,398,603.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Coca-Cola news, CEO James Quincey sold 102,533 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total transaction of $7,179,360.66. Following the completion of the transaction, the chief executive officer now owns 442,546 shares in the company, valued at $30,987,070.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nancy Quan sold 18,482 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $68.95, for a total value of $1,274,333.90. Following the transaction, the executive vice president now owns 223,330 shares of the company’s stock, valued at $15,398,603.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 356,792 shares of company stock valued at $24,728,364 over the last ninety days. 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.