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 earnings per share (EPS) guidance of 2.830-2.850 for the period, compared to the consensus 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 Trading Up 0.3 %

NYSE KO traded up $0.21 during trading hours on Friday, reaching $67.51. The company’s stock had a trading volume of 2,518,824 shares, compared to its average volume of 13,211,462. The firm has a fifty day simple moving average of $70.74 and a 200-day simple moving average of $65.96. The stock has a market cap of $290.83 billion, a P/E ratio of 26.92, a P/E/G ratio of 3.92 and a beta of 0.60. Coca-Cola has a 52 week low of $55.10 and a 52 week high of $73.53. 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 (NYSE:KO) last announced its earnings results on Wednesday, October 23rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.03. 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 during the quarter, compared to the consensus estimate of $11.61 billion. During the same quarter last year, the firm earned $0.74 earnings per share. Coca-Cola’s quarterly revenue was down .8% on a year-over-year basis. Equities analysts forecast that Coca-Cola will post 2.85 earnings per share for the current fiscal year.

Coca-Cola Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $0.485 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.94 annualized dividend and a dividend yield of 2.87%. Coca-Cola’s dividend payout ratio is presently 77.60%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays increased their target price on Coca-Cola from $70.00 to $74.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Morgan Stanley cut their target price on Coca-Cola from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday. Hsbc Global Res upgraded Coca-Cola to a “strong-buy” rating in a report on Friday, September 27th. TD Cowen increased their target price on shares of Coca-Cola from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Finally, Cfra reiterated a “hold” rating on shares of Coca-Cola in a research report on Thursday, September 5th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Coca-Cola presently has a consensus rating of “Moderate Buy” and an average target price of $71.87.

Insider Buying and Selling at Coca-Cola

In other news, CEO James Quincey sold 102,533 shares of Coca-Cola stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $70.02, for a total value of $7,179,360.66. Following the completion of the transaction, the chief executive officer now owns 442,546 shares of the company’s stock, valued at $30,987,070.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Nancy Quan sold 18,482 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $68.95, for a total value of $1,274,333.90. Following the completion of the sale, the executive vice president now directly owns 223,330 shares in the company, valued at $15,398,603.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO James Quincey sold 102,533 shares of the business’s stock in a transaction 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 directly owns 442,546 shares in the company, valued at $30,987,070.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 319,005 shares of company stock valued at $22,198,147. 0.97% of the stock is currently owned by corporate 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.