Coca-Cola (NYSE:KO) Issues Earnings Results, Beats Estimates By $0.03 EPS

Coca-Cola (NYSE:KO) posted its earnings results on Wednesday. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.74 by $0.03, Briefing.com reports. Coca-Cola had a net margin of 22.92% and a return on equity of 43.62%. The business had revenue of $11.85 billion for the quarter, compared to the consensus estimate of $11.61 billion. During the same period last year, the company earned $0.74 EPS. The firm’s revenue was down .8% compared to the same quarter last year. 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 Stock Down 0.9 %

Shares of KO traded down $0.61 during trading hours on Thursday, hitting $67.40. The stock had a trading volume of 4,433,705 shares, compared to its average volume of 13,199,605. Coca-Cola has a 1-year low of $55.10 and a 1-year high of $73.53. The firm has a market capitalization of $290.36 billion, a P/E ratio of 26.98, a price-to-earnings-growth ratio of 3.92 and a beta of 0.60. The firm has a 50 day simple moving average of $70.74 and a 200-day simple moving average of $65.96. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.08 and a quick ratio of 0.92.

Coca-Cola Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Royal Bank of Canada lifted their price target on shares of Coca-Cola from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Bank of America lifted their target price on Coca-Cola from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. TD Cowen increased their price target on Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. StockNews.com downgraded Coca-Cola from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Finally, Citigroup upped their target price on Coca-Cola from $72.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Five investment 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $71.87.

Insider Buying and Selling

In other Coca-Cola news, EVP Nancy Quan sold 18,484 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the completion of the sale, the executive vice president now owns 223,330 shares in the company, valued at approximately $15,968,095. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Nancy Quan sold 18,484 shares of Coca-Cola stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $71.50, for a total transaction of $1,321,606.00. Following the transaction, the executive vice president now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bruno Pietracci sold 38,653 shares of Coca-Cola stock in a transaction on Friday, August 2nd. The stock was 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 have sold 356,792 shares of company stock valued at $24,728,364. 0.97% of the stock is owned by company insiders.

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.