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

Coca-Cola (NYSE:KO) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.80-$2.82 for the period, compared to the consensus earnings per share estimate of $2.81. Coca-Cola also updated its FY 2024 guidance to 2.800-2.830 EPS.

Coca-Cola Price Performance

Shares of NYSE:KO traded down $0.42 during trading hours on Tuesday, hitting $61.62. 9,783,714 shares of the company’s stock traded hands, compared to its average volume of 13,934,676. Coca-Cola has a 52 week low of $51.55 and a 52 week high of $64.69. The company’s fifty day simple moving average is $60.17 and its two-hundred day simple moving average is $58.96. The company has a market cap of $265.66 billion, a price-to-earnings ratio of 24.88, a price-to-earnings-growth ratio of 3.53 and a beta of 0.59. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.95 and a current ratio of 1.13.

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

Coca-Cola Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a $0.485 dividend. 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 dividend yield of 3.15%. Coca-Cola’s dividend payout ratio (DPR) is presently 78.23%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Coca-Cola

In other Coca-Cola news, insider Bruno Pietracci sold 18,551 shares of the business’s stock in a transaction 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 document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Bruno Pietracci sold 18,551 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $59.41, for a total transaction of $1,102,114.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Quincey sold 247,188 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $60.94, for a total value of $15,063,636.72. Following the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $26,968,753.24. The disclosure for this sale can be found here. Insiders have sold a total of 323,107 shares of company stock valued at $19,657,742 over the last 90 days. Insiders own 0.97% of the company’s stock.

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.