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

Coca-Cola (NYSE:KO) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.800-2.830 for the period, compared to the consensus earnings per share estimate of 2.630. The company issued revenue guidance of -. Coca-Cola also updated its FY24 guidance to $2.80-$2.82 EPS.

Coca-Cola Stock Performance

Shares of Coca-Cola stock opened at $62.04 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 0.95 and a debt-to-equity ratio of 1.29. The company has a market cap of $267.47 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 3.53 and a beta of 0.59. The company has a 50 day moving average of $60.17 and a 200-day moving average of $58.96. Coca-Cola has a 1-year low of $51.55 and a 1-year high of $64.69.

Coca-Cola (NYSE:KO) last released its earnings results on Tuesday, April 30th. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. Coca-Cola had a return on equity of 42.50% and a net margin of 23.42%. The firm had revenue of $11.30 billion during the quarter, compared to analysts’ expectations of $11.01 billion. During the same period in the prior year, the company earned $0.68 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, equities research analysts forecast that Coca-Cola will post 2.81 earnings per share for the current fiscal year.

Coca-Cola Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a dividend of $0.485 per share. This is an increase from Coca-Cola’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, March 14th. This represents a $1.94 annualized dividend and a yield of 3.13%. Coca-Cola’s payout ratio is presently 78.23%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on KO shares. JPMorgan Chase & Co. dropped their price objective on shares of Coca-Cola from $66.00 to $65.00 and set an overweight rating for the company in a research note on Friday, April 19th. Barclays increased their price target on Coca-Cola from $66.00 to $68.00 and gave the company an overweight rating in a research note on Friday, April 12th. Finally, Citigroup upped their target price on Coca-Cola from $67.00 to $68.00 and gave the stock a buy rating in a report on Wednesday, January 17th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $67.22.

Insiders Place Their Bets

In related news, insider Bruno Pietracci sold 18,551 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $59.41, for a total value of $1,102,114.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Nancy Quan sold 57,368 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $60.87, for a total transaction of $3,491,990.16. Following the sale, the executive vice president now owns 223,330 shares in the company, valued at approximately $13,594,097.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bruno Pietracci sold 18,551 shares of Coca-Cola stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $59.41, for a total value of $1,102,114.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 323,107 shares of company stock valued at $19,657,742. 0.97% of the stock is currently owned by company 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.